Skyroot Becomes India’s First Space Tech Unicorn With USD 60 Mn Funding
Ram Shriram, who is also a board member at Alphabet, Google’s parent company, is an existing investor in Skyroot through Sherpalo Ventures.
Skyroot
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Skyroot Aerospace has become India’s first space-tech unicorn after raising USD 60 million in a new funding round co-led by Sherpalo Ventures and GIC, with participation from other existing investors including the founders of Greenko Group and Arkam Ventures.
Ram Shriram, the American billionaire investor known as Google’s first backer, and Sherpalo founder will be joining Skyroot’s Board. His firm had earlier led Skyroot’s USD 4.5 million Series B round in January 2022.
Also joining the captable are funds managed by BlackRock, Playbook Partners, Shanghvi Family Office, and others, according to the company. Temasek, another institutional investor in the startup, reportedly did not participate in this funding round, though.
The latest funding round values the company at around USD 1.1 billion, nearly doubling its valuation over the last two-and-a-half years.
Skyroot Aerospace has raised over USD 100 million in total funding so far. In October 2023, the company secured USD 27.5 million in a pre-Series C round led by Temasek, following a USD 51 million Series B round in 2022. Earlier this year, BlackRock provided INR 100 crore in debt financing to the startup.
The company plans to use the fresh capital to accelerate the development of its launch vehicles, especially the Vikram-I orbital rocket. Funds will also be used to increase launch frequency, expand infrastructure, strengthen its workforce and improve tech capabilities.
Founded in 2018 by former ISRO scientists Pawan Kumar Chandana and Naga Bharath Daka, Skyroot Aerospace develops launch services for small satellites using its Vikram rocket series. The company uses technologies such as 3D-printed engines and carbon-fibre rockets to reduce costs and improve efficiency.
ALSO READ: The Cosmic Trailblazer: Pawan Kumar Chandana, Co-Founder, Skyroot Aerospace
Skyroot is preparing for the launch of Vikram-I, its first full-fledged orbital launch vehicle. The mission is expected to take place within a month-long launch window beginning in June, subject to regulatory approvals and vehicle readiness.
Unlike the Vikram-S mission launched in 2022, which was suborbital, Vikram-I is designed to place payloads into low-Earth orbit at an altitude above 400 kilometres. The rocket is expected to carry Earth observation satellites and experimental payloads from domestic and international customers.
Skyroot competes with global players such as SpaceX and Rocket Lab in the growing small satellite launch market.
“We at Skyroot are excited about the upcoming Vikram-1 launch, India’s first private orbital rocket, marking a significant milestone both for India and the global space sector. This investment signals confidence from some of the world’s most reputed investors in Skyroot,” Chandana, cofounder & CEO at Skyroot Aerospace, said in a statement.
Skyroot Aerospace has become India’s first space-tech unicorn after raising USD 60 million in a new funding round co-led by Sherpalo Ventures and GIC, with participation from other existing investors including the founders of Greenko Group and Arkam Ventures.
Ram Shriram, the American billionaire investor known as Google’s first backer, and Sherpalo founder will be joining Skyroot’s Board. His firm had earlier led Skyroot’s USD 4.5 million Series B round in January 2022.
Also joining the captable are funds managed by BlackRock, Playbook Partners, Shanghvi Family Office, and others, according to the company. Temasek, another institutional investor in the startup, reportedly did not participate in this funding round, though.
Entrepreneur Staff • Editor
Entrepreneur Staff
For more than 30 years, Entrepreneur has set the course for success for millions of... Read more
