Hyderabad-based Skyroot Aerospace has raised $60 million, nearly Rs 570 crore, in a new funding round co-led by Sherpalo and Singapore’s sovereign wealth fund GIC. The round also saw participation from BlackRock, the founders of Greenko Group, Arkam Ventures, Playbook Partners, Shanghvi Family Office, and other investors.
The funding round has pushed Skyroot Aerospace’s valuation to $1.1 billion, up from around $519 million in 2023. With this milestone, the company has become India’s first space-tech unicorn and one of the country’s most well-funded private space startups.
Among the investors, Playbook Partners and Shanghvi Family Office joined as new backers, while Sherpalo, GIC, BlackRock, Greenko Group, and Arkam Ventures increased their existing investments in the company.
Ram Shriram, Founder and Managing Partner at Sherpalo Ventures and one of Google’s earliest investors, will also join Skyroot Aerospace’s Board following the investment.
“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,” said Pawan Kumar Chandana, Co-founder and CEO, Skyroot Aerospace.
Skyroot had earlier completed an orbital launch in 2023 and is currently preparing for another launch expected in the coming weeks.
“I’ve believed in the Skyroot team since the early days, and that conviction has only deepened as the team marches forward to the launchpad with Vikram-1, India’s first private orbital-class rocket. Access to space is one of the key challenges of our time,” said Ram Shriram, Founder and Managing Partner, Sherpalo Ventures.
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