Weeks before the launch of Vikram-1, India's first privately developed orbital rocket, Hyderabad-based Skyroot Aerospace has raised nearly $60 million in fresh funding, becoming the country's first space-tech unicorn with a valuation of $1.1 billion.
Skyroot is preparing to launch Vikram-1 from Sriharikota in the coming weeks, a mission that could become a major milestone for India's fast-growing private space sector.
If successful, Vikram-1 will become the first privately developed Indian rocket to place satellites in orbit.
The latest funding round was co-led by Sherpalo Ventures and GIC. Investors in the round also included funds managed by BlackRock, founders of Greenko Group, Arkam Ventures, Playbook Partners and the Shanghvi Family Office, among others.
The company said the money will be used to increase launch frequency, expand manufacturing and accelerate development of Vikram-2, a heavier rocket currently under development.
Why The Vikram-1 Launch Matters
India opened its space sector to private companies in 2020, ending decades of government monopoly in rocket launches and satellite missions.
Since then, dozens of startups have entered the sector, betting on rising global demand for satellite launches and space-based services.
Skyroot quickly emerged as one of the frontrunners.
Founded by former ISRO scientists Pawan Kumar Chandana and Naga Bharath Daka, the startup became the first private Indian company to sign agreements giving it access to ISRO facilities and technical expertise after the reforms.
In 2022, Skyroot made headlines after launching Vikram-S, the first privately built Indian rocket to reach space.
But Vikram-1 is a much bigger test.
Unlike the earlier suborbital mission, Vikram-1 is designed to place satellites into orbit, something only a handful of countries and companies around the world have achieved.
The rocket can carry satellites weighing up to 350 kg into low Earth orbit and uses propulsion systems and engines developed by the company, including 3D-printed components.
The company is also working on Vikram-2, a larger launch vehicle designed to carry heavier payloads.
"Access To Space Is One Of The Key Challenges Of Our Time"
As part of the latest funding round, tech investor Ram Shriram will join Skyroot's board.
Skyroot co-founder and CEO Pawan Kumar Chandana said the upcoming launch would be a major milestone for the company and the country's private space sector.
"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."
Mr Shriram said he had backed the startup from its early days.
"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," he said.
India's Space Startup Push
India's private space industry has seen rapid investor interest since the sector was opened up, with startups building rockets, satellites, propulsion systems and launch technologies.
The Centre has also been pushing to increase India's share in the global commercial space market, which is expected to grow sharply in the coming years.
For Skyroot, the Vikram-1 mission is likely to be closely watched not just by investors, but also by the broader space industry, as India's private players move from testing technology to commercial launches.
