Indian startup Skyroot Aerospace has become the country’s first space technology unicorn after raising $60 million in new funding ahead of the planned orbital debut of its Vikram-1 rocket in the coming weeks.
The Hyderabad-based company said the investment round valued Skyroot at $1.1 billion on a pre-money basis.
The financing included approximately $50 million in primary equity co-led by Sherpalo Ventures and GIC, along with about $10 million in structured debt managed by funds affiliated with BlackRock, according to the company.
The fundraising comes shortly before Skyroot’s first orbital launch attempt, which would mark the first such mission conducted by a private Indian company.
The company transported its Vikram-1 rocket to India’s spaceport in Sriharikota in April and is targeting a June launch after completing flight qualification tests and beginning launch integration activities.
Former ISRO Engineers Founded The Company
Skyroot Aerospace was founded in 2018 by former Indian Space Research Organisation engineers Pawan Kumar Chandana and Naga Bharath Daka.
The company develops small satellite launch vehicles comparable to rockets produced by U.S. companies including Rocket Lab and Firefly Aerospace.
Vikram-1 is designed to carry payloads weighing up to 350 kilograms, or about 772 pounds, into low Earth orbit.
Skyroot’s latest valuation more than doubles its previous $500 million pre-money valuation reached during a 2023 funding round.
The new investment also included participation from Playbook Partners, Arkam Ventures, and founders associated with Greenko Group.
Ram Shriram, who also serves on the board of Alphabet Inc., will join Skyroot’s board following the financing.
Vikram Program Expands Beyond Initial Launches
Skyroot declined to disclose revenue figures or details about customer backlog, though the company said demand remains strong for dedicated small satellite launch services.
According to the startup, roughly one-third of expected launch demand comes from Indian customers, while the remainder comes from international clients.
Skyroot previously gained national attention in November 2022 after launching Vikram-S, India’s first privately developed rocket mission.
The company said the latest funding will support expanded manufacturing capacity, increased launch frequency for Vikram-1 missions, and development of a larger rocket called Vikram-2.
Vikram-2 is expected to debut in 2027 and is being designed as a one-ton-class launch vehicle powered by a cryogenic stage.
The heavier rocket would allow Skyroot to support more complex satellite missions and compete more directly in the global commercial launch market.
India Expands Private Space Industry
Skyroot’s growth comes as India increases efforts to expand its role in the global space industry through private-sector participation.
India’s space economy is currently estimated at $8.4 billion and is projected to reach $44 billion by 2033, according to government estimates.
The country had nearly 400 space technology startups as of early 2026 across launch systems, satellite manufacturing, propulsion technologies, and related infrastructure.
Since 2020, India has introduced reforms allowing private companies greater access to ISRO facilities and broader participation in space operations.
The upcoming Vikram-1 mission also arrives as ISRO works through recent launch setbacks, including two consecutive mission failures, while the government continues building additional commercial launch capacity through private companies.
Featured image credits: Wikimedia Commons
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