Skyroot Aerospace Secures Unicorn Status, Raises $60 Million in Funding
Skyroot Aerospace Secures $60 Million in Funding from Prominent Investors
Hyderabad-based Skyroot Aerospace, a private space launch company, has raised $60 million (approximately Rs 570 crore) from a group of prominent investors, including Sherpalo, Singapore's sovereign wealth fund GIC, BlackRock, the founders of renewable energy company Greenko Group, Arkam Ventures, Playbook Partners, Shanghvi Family Office, and other investors. This announcement was made on May 7.
The funding round, co-led by Sherpalo and GIC, marks the entry of new investors, including the founders of Greenko Group, Playbook Partners, and Shanghvi Family Office, while existing backers Sherpalo, GIC, BlackRock, and Arkam Ventures also contributed to the round.
With a valuation of $1.1 billion, Skyroot Aerospace is now one of India's most well-funded space-tech startups and the first unicorn to emerge from the industry. The company's valuation has increased significantly from around $550 million in 2023.
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Skyroot Aerospace has made notable progress in the field, including an orbital launch in 2023 and plans for another launch in the coming weeks. The company is preparing to launch Vikram-1, India's first private orbital rocket, a significant milestone both for India and the global space sector.
The new investment will enable Skyroot Aerospace to establish a high cadence of Vikram-1 launches, scale up manufacturing, and develop Vikram-2, a 1-tonne class launch vehicle powered by an advanced cryogenic stage, expanding the range of missions and customers it can serve.
| Investor | Previous Investment | New Investment |
|---|---|---|
| Sherpalo | $X | $60M (co-led) |
| GIC | $X | $60M (co-led) |
| BlackRock | $X | $60M |
| Arkam Ventures | $X | $60M |
| Greenko Group founders | $0 | $60M (new investment) |
| Playbook Partners | $0 | $60M (new investment) |
| Shanghvi Family Office | $0 | $60M (new investment) |
The total funding Skyroot Aerospace has raised now crosses $160 million (approximately Rs 1,500 crore). With this significant investment, Skyroot Aerospace is poised to make further strides in the space industry.
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The company's progress and achievements have garnered attention and support from prominent investors, with Ram Shriram, Founder & Managing Partner, Sherpalo Ventures, expressing his confidence in the Skyroot team and their mission to build the foundational infrastructure for access to space.
Investor Takeaway
Investors should consider the growth potential of the space-tech industry and the increasing valuation of Skyroot Aerospace.
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