As Skyroot prepares for orbital launch, India's first space tech unicorn appears

Skyroot Aerospace has become India’s first space-tech unicorn after raising $60 million in fresh funding, pushing its valuation to $1.1 billion. The milestone comes just weeks before the company’s highly anticipated Vikram-1 orbital rocket launch, which could become the first successful orbital mission conducted by a private Indian space company.

The funding round included approximately $50 million in primary equity co-led by Sherpalo Ventures and GIC, along with nearly $10 million in structured debt backed by funds affiliated with BlackRock. The investment reflects growing global confidence in India’s rapidly expanding private space industry.

Founded in 2018 by former Indian Space Research Organisation engineers Pawan Kumar Chandana and Naga Bharath Daka, Skyroot is developing small satellite launch vehicles designed to compete with international players like Rocket Lab and Firefly Aerospace.

The company’s upcoming Vikram-1 rocket is designed to carry payloads of up to 350 kilograms into low Earth orbit. The rocket was transported to India’s Sriharikota launch center in April, and the company is targeting a launch in June after successfully completing qualification tests and integration activities.

Skyroot first gained national attention in 2022 when it launched Vikram-S, becoming the first Indian private company to launch a rocket. The latest funding will now help the startup scale manufacturing, increase launch frequency for Vikram-1 missions, and accelerate development of its next-generation rocket, Vikram-2.

The planned Vikram-2 will be capable of carrying payloads of around one ton and will use a cryogenic engine stage, allowing Skyroot to target larger and more complex satellite missions. The vehicle is expected to debut in 2027 and could significantly strengthen India’s position in the global commercial launch market.

Skyroot’s rapid growth comes amid broader reforms in India’s space sector. Since 2020, the Indian government has opened access to ISRO facilities for private companies, encouraging innovation and investment across launch systems, satellite manufacturing, and propulsion technologies. India’s space economy, currently valued at around $8.4 billion, is projected to grow to $44 billion by 2033.

The success of Skyroot would also provide additional commercial launch capacity alongside ISRO, which has faced challenges in recent missions. With increasing international demand for dedicated small satellite launches, Skyroot is positioning itself as a key player in the global space economy.