Hyderabad-based space technology startup Skyroot Aerospace has officially become India’s first space-tech unicorn after raising nearly $60 million in fresh funding, pushing its valuation to around $1.1 billion. The development comes just weeks ahead of the company’s planned launch of Vikram-1, India’s first privately developed orbital rocket, from the Satish Dhawan Space Centre in Sriharikota.

The latest funding round was co-led by Sherpalo Ventures and Singapore’s sovereign wealth fund GIC, with participation from investors including funds managed by BlackRock, Greenko Group founders, Arkam Ventures, Playbook Partners, and the Shanghvi Family Office. The capital infusion is expected to accelerate Skyroot’s expansion plans, increase launch frequency, and support development of its next-generation rocket, Vikram-2.

Founded by former Indian Space Research Organisation (ISRO) engineers Pawan Kumar Chandana and Naga Bharath Daka, Skyroot has emerged as one of the leading private players in India’s rapidly evolving space sector. The company gained early recognition in 2022 when it launched Vikram-S, India’s first privately built rocket to reach space in a suborbital mission.

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However, the upcoming Vikram-1 launch marks a significantly more ambitious milestone. Unlike earlier experimental missions, Vikram-1 is designed to place satellites directly into orbit, a capability achieved by only a select group of nations and private companies globally. The rocket is engineered to carry payloads of up to 350 kilograms into low Earth orbit and incorporates advanced technologies, including 3D-printed components and in-house propulsion systems.

The mission is widely viewed as a defining test for India’s private space industry, which was opened to private participation in 2020 after decades of state monopoly under ISRO. Since then, several startups have entered the sector, focusing on satellite deployment, launch systems, and space-based services, driven by rising global demand for commercial space access.

Skyroot co-founder and CEO Pawan Kumar Chandana said the upcoming launch represents a major breakthrough not just for the company but for India’s broader space ambitions. He added that investor confidence reflects growing global interest in India’s emerging private space ecosystem. Investor Ram Shriram, who is joining Skyroot’s board, said he has supported the company since its early stages and views access to space as a critical global challenge.

With Vikram-1 nearing launch, industry experts are closely watching its performance, as a successful mission would mark India’s entry into the small satellite orbital launch market through private enterprise. The achievement could position Skyroot as a key competitor in the global commercial launch industry and accelerate India’s presence in the expanding space economy.

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