Skyroot Aerospace, a Hyderabad-based space start-up, has received funding worth $60 million (approximately ₹570 crore) from various sources, including Sherpalo Ventures, the sovereign wealth fund GIC of Singapore, BlackRock, Greenko Group founders, Arkam Ventures, Playbook Partners, and Shanghvi Family Office.
Some investors, such as Playbook Partners and the Shanghvi Family Office, invested in Skyroot for the first time. On the other hand, Sherpalo, GIC, BlackRock, Greenko Group, and Arkam Ventures had already invested in the company before. Sherpalo and GIC led this funding round.
The value of Skyroot Aerospace has now risen to $1.1 billion after this investment. The valuation of the company in 2023 was around $519 million. Now, the company has achieved the status of India’s first space tech unicorn. A unicorn is a privately-owned startup firm that has a valuation exceeding $1 billion.
India’s first private rocket, Vikram-1, will soon be launched by Skyroot and aims to reduce the costs of space launches. Ram Shriram, the co-founder and Managing Partner of Sherpalo Ventures, says he had trust in Skyroot’s management team right from the start. He further adds that the firm is striving to launch Vikram-1 and help address one of the world’s most pressing challenges.
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He also mentioned that Skyroot is building strong space infrastructure at a lower cost than many other launch companies around the world.
