Hyderabad based Skyroot Aerospace has raised new funding of $ 60 million i.e. about Rs 570 crore. Many investors including Ram Shriram’s Sherpalo, GIC, BlackRock, Founders of Greenko Group, Arkam Ventures, Playbook Partners and Shanghvi Family Office have invested in this private space launch company. The company informed about this funding on May 7.

Playbook Partners and Shanghvi Family Office have joined Skyroot Aerospace as new investors in this funding round. At the same time, Sherpalo, GIC, BlackRock, Greenko Group and Arkam Ventures have already invested in the company. This new funding round is jointly led by Sherpalo and GIC.

Skyroot Aerospace valuation

The valuation of Skyroot Aerospace has now increased to around $1.1 billion, which was around $519 million in 2023. With this, the company has become one of the most funded space-tech startups in India. Skyroot Aerospace has also become the first private space-tech company in the country to achieve unicorn status by achieving a valuation of more than $1 billion.

India’s first private orbital rocket

Skyroot was founded on June 12, 2018 by Pawan Kumar Chandna and Nag Bharat Daka. Pawan Kumar Chandana says that Skyroot Aerospace is very excited about its upcoming Vikram-1 launch. This will be India’s first private orbital rocket, which is being considered a big step for the country’s space sector. He said that this new funding also shows the confidence of the world’s big investors in Skyroot.

Preparation for Vikram-2 rocket also

Skyroot Aerospace had its orbital launch in 2023 and is now preparing for another launch in the coming weeks. Ram Shriram, Founder, Sherpalo Ventures, said that he has had faith in the Skyroot team since the beginning and this trust has become stronger with the launch of Vikram-1. He said that easy access to space is one of the biggest challenges of the world today and Skyroot is creating strong infrastructure in this direction.

The company says that the new funding will be used to increase the continuous launch of Vikram-1 rocket, strengthen manufacturing capacity and develop Vikram-2 rocket. Vikram-2 will be a launch vehicle with advanced cryogenic technology, which will enable the company to serve more missions and customers. After this new investment, the total funding of Skyroot has increased to more than $ 160 million i.e. about Rs 1,500 crore.

Vikram-S was launched in 2022

Skyroot had created history by launching Vikram-S in 2022. This was India’s first privately developed rocket. Now Vikram-1 is the next phase of this journey, which is being prepared to reach the Earth’s orbit completely.