Spacetech startup Skyroot Aerospace has raised $60 million (₹570 crore) in a funding round co-led by Sherpalo Ventures and GIC, propelling its valuation beyond $1.1 billion and making it India’s first spacetech unicorn.
The round also saw participation from BlackRock, Arkam Ventures, Playbook Partners, Shanghvi Family Office, and existing investors, including the founders of Greenko Group. As part of the investment, Sherpalo Ventures founder Ram Shriram will join the company’s board.
Founded in 2018 by former ISRO scientists Pawan Kumar Chandana and Naga Bharath Daka, Skyroot is building small and medium lift launch vehicles aimed at serving the global satellite market. The company’s Vikram series of rockets, including Vikram-I and Vikram-II, are designed to offer on-demand, cost effective launch services.
The fresh capital will be deployed to scale manufacturing capabilities, increase the frequency of Vikram-1 launches, and accelerate development of Vikram-2, a heavier launch vehicle powered by a cryogenic stage.
Skyroot had earlier made history in 2022 by becoming the first private Indian company to launch a rocket into space with its Vikram-S mission. However, the company remained in a pre-revenue stage as of FY25, with losses widening to ₹99.7 crore due to continued investments in research and development.
The unicorn milestone marks a significant moment for India’s spacetech ecosystem, which has been witnessing increasing investor interest. Skyroot becomes the fourth startup to enter the unicorn club in 2026, following KreditBee, Neysa, and Juspay.
The sector is also seeing momentum from peers such as Agnikul Cosmos, Pixxel, and Digantara, as private players increasingly tap into global demand for satellite launches and space based services.
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