Skyroot Aerospace Becomes Indias First Space-Tech Unicorn

New Delhi, May 7: Space-tech company Skyroot Aerospace announced on Thursday that it has raised $60 million (approximately ₹570 crore). With this funding, the company has become India’s first space-tech startup unicorn.

In this latest funding round, Skyroot’s valuation reached $1.1 billion, nearly four times its valuation of $519 million in 2023. This new investment indicates the rapid growth of India’s private space sector.

A startup is classified as a unicorn when its valuation exceeds $1 billion. Reports suggest that there are over 100 unicorns across various sectors in India.

Pawan Kumar Chandana, co-founder and CEO of Hyderabad-based Skyroot Aerospace, expressed excitement about the upcoming Vikram-1 launch, which is India’s first private orbital rocket and a significant milestone for both India and the global space industry. He noted that the new investment reflects the confidence of some of the world’s most prestigious investors in Skyroot.

This funding round included several global investors, such as GIC and BlackRock, highlighting the interest of international investors in India’s space sector.

According to reports, the company has raised a total of $160 million (around ₹1,500 crore) across various funding rounds to date.

Skyroot successfully launched an orbital mission in 2023 and is preparing for another launch in the coming weeks. The company stated that this new capital will help expedite the establishment of Vikram-1 launches, increase production, and develop Vikram-2, a one-ton class launch vehicle powered by an advanced cryogenic stage, thereby expanding its capacity to serve its missions and clients.

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