Blitz Bureau
NEW DELHI: Space-tech start-up Skyroot Aerospace has become a unicorn after raising $60 million in a fresh round of funding at a valuation of $1.1 billion, according to a report in Business Line.
Pawan Kumar Chandana, Founder and Chief Executive Officer of Skyroot Aerospace, said proceeds will be used to establish a steady flow of Vikram-1 launches, scale up manufacturing, and develop Vikram-2, a 1-tonne class launch vehicle powered by an advanced cryogenic stage.
The funding round comes as Skyroot prepares for the maiden flight of Vikram-1, the country’s first privately developed orbital rocket. It recently dispatched vital rocket components to Sriharikota in Andhra Pradesh from its manufacturing facility in Hyderabad. The company is getting ready for the launch over the next few weeks.
The start-up claims that its services will be the cheapest for organisations that want to send their satellites into the designated orbits.
The fresh round of funding was co-led by global institutional investor Sherpalo Ventures and GIC, with participation from other existing investors, including the founders of Greenko Group and Arkam Ventures.
Sherpalo Ram Shriram, a well-known tech investor and a board member of Alphabet Inc., will be joining the board of Skyroot.
Funds managed by BlackRock, a global asset management company, Playbook Partners, a tech growth capital firm, and Shanghvi Family Office also join the investment partners.
Building on Vikram-S milestone
Targeting a launch in the weeks following this announcement, Vikram-1 is designed to provide dedicated, customisable access to space for global satellite operators. The upcoming mission builds on Skyroot’s historic 2022 mission — when it launched India’s first privately built rocket, Vikram-S.