According to foreign media TechCrunch, Indian aerospace technology startup Skyroot Aerospace has raised $60 million in new funding, becoming India's first aerospace technology unicorn. In the next few weeks, the company will attempt to complete its first orbital launch using the Vikram-1 rocket.
This round of financing gives the company a pre investment valuation of $1.1 billion (approximately RMB 7.498 billion at the current exchange rate). At the time of financing completion, Skyroot is preparing to execute India's first private enterprise to orbit launch.
The Vikram-1 rocket departed for the Sriharikota Island space launch site in southern India in April. After completing the flight qualification test, the company has started final assembly and launch preparation, with the goal of launching in June.
Skyroot was founded in 2018 by former engineers Pawan Kumar Chandana and Naga Bharat Dhaka from the Indian Space Research Organization (ISRO). The company mainly focuses on small satellite launch rockets, and its product positioning is roughly benchmarked against American rocket laboratories, Firefly Aerospace, and other enterprises. Vikram-1 is designed to have a maximum capacity of 350 kilograms and can send payloads into low Earth orbit.
Skyroot's latest valuation has more than doubled from its pre investment valuation of $500 million in the previous round of financing in 2023, indicating that global investors are investing in India's emerging private aerospace industry. The company stated that small satellite operators have strong demand for dedicated launch services, with approximately one-third of the demand expected to come from India and the remainder from international customers.
Skyroot launched the suborbital rocket Vikram-S in November 2022 and received attention as a result. Vikram-S is India's first rocket developed and launched by a private enterprise.
This round of new funding will be used to expand manufacturing scale, increase Vikram-1 mission launch frequency, and support Vikram-2 development.
Vikram-2 is a more powerful launch vehicle expected to make its debut in 2027. Vikram-2 will be designed as a ton class carrier rocket and will use low-temperature stage power. This rocket will enhance Skyroot's ability to undertake more complex satellite missions and also help the company compete in the global small satellite launch market.
