Indian private aerospace manufacturer and commercial launch service provider, Skyroot Aerospace has announced its new status as the South Asian country’s first space-tech unicorn. The feat followed its latest round of funding of nearly $60 million, raising Hyderabad-based company’s valuation to $1.1 billion.
The funding round comes at a time when Skyroot is preparing to launch India’s first privately developed orbital rocket, Vikram-1, for its maiden flight. The funding was provided by Sherpalo Ventures, Singapore’s sovereign wealth fund, GIC, the founders of Greenko Group and Arkam Ventures, with other partners.
Sherpalo Ventures founder, Ram Shriram in a statement said, “Access to space is one of the key challenges of our time. Skyroot is building the foundational infrastructure for that future with the best cost-to-performance ratio in the orbital-launch industry, and what the team has achieved is remarkable.”
The rocket is designed to provide dedicated and customisable access to space for global satellite operators. Corroborating Mr Shriram, co-founder and chief executive officer of Skyroot, Pawan Kumar Chandana said, “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.” Skyroot, founded in June 12, 2018, is currently developing its own series of small-lift launch vehicles, especially crafted for the small satellite market.
