New Delhi: Hyderabad-based private space launch startup Skyroot Aerospace on Thursday said it has raised $60 million in a fresh funding round led by existing investors Sherpalo Ventures and Singapore’s sovereign wealth fund GIC, becoming India’s first space-tech unicorn. 

The latest investment round also saw participation from BlackRock, the founders of Greenko Group, Arkam Ventures, Playbook Partners, Shanghvi Family Office and several other investors.

While Playbook Partners and Shanghvi Family Office joined the company as new investors, Sherpalo Ventures, GIC, BlackRock, Greenko Group and Arkam Ventures were existing backers of the space-tech startup.

Following the fresh capital infusion, Skyroot Aerospace’s valuation has climbed to $1.1 billion, more than doubling from its previous valuation of nearly $519 million in 2023.

Lt. Gen. A.K. Bhatt (Retd.), Director General of the Indian Space Association (ISpA), described the development as a landmark moment for India’s private space ecosystem. He said Skyroot’s unicorn status reflects the growing technological and commercial capabilities of Indian space startups and signals rising global investor confidence in the country’s space sector.

According to him, the milestone could further strengthen India’s ambitions of increasing its share in the global space economy by 2033.

Meanwhile, Skyroot co-founder and CEO Pawan Kumar Chandana said the company is preparing for the launch of Vikram-1, India’s first privately developed orbital rocket, in the coming weeks.

He added that the latest funding round reflects strong investor confidence in the company’s long-term vision and launch capabilities.

The company said the fresh capital will be used to increase launch frequency for Vikram-1, expand manufacturing capabilities and support the development of Vikram-2, a next-generation launch vehicle with a one-tonne payload capacity and an advanced cryogenic upper stage.

Skyroot noted that its 2022 Vikram-S mission successfully demonstrated the company’s launch technology, while Vikram-1 is designed to carry payloads into orbit.

Sherpalo Ventures Founder and Managing Partner Ram Shriram said he has backed Skyroot since its early days and expressed confidence in the startup’s progress towards the Vikram-1 mission.

The latest round has taken Skyroot Aerospace’s total funding to more than $160 million, or around Rs 1,500 crore.