India's Skyroot Aerospace has become the country's first space tech unicorn after raising $60 million in a new investment round. The funding was secured as the company prepares its Vikram-1 rocket for orbital flight. The startup is valued at $1.1 billion, according to Techcrunch.com reports.
The investment round was led by Sherpalo Ventures and GIC, with participation from funds associated with BlackRock. Skyroot will use these funds to scale production, accelerate Vikram-1 missions, and develop the heavier-lift Vikram-2 rocket, expected to debut in 2027.
Founded in 2018 by former engineers from the Indian Space Research Organisation (ISRO), the company specializes in launching small satellites into orbit. The Vikram-1 rocket can carry up to 350 kilograms to low Earth orbit, placing it alongside international competitors like Rocket Lab and Firefly Aerospace.
In November 2022, Skyroot successfully launched the Vikram-S suborbital rocket, marking India's first private sector rocket launch. The company is currently preparing for a historic orbital flight scheduled for June. One-third of the demand comes from India, with the rest from international clients.
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