Skyroot Aerospace Achieves $1 Billion Valuation with Major Funding from Global Investors
Indian space co Skyroot becomes first $1 billion space-tech startup with GIC, Sherpalo, Blackrock backing
The Economic Times
Image: The Economic Times
Skyroot Aerospace, based in Hyderabad, India, has become the first Indian space-tech startup to reach a valuation of $1 billion after securing $60 million in funding from GIC, Sherpalo Ventures, and BlackRock. This milestone highlights the growing credibility of India's space sector and will enable Skyroot to enhance its launch capabilities.
- 01Skyroot Aerospace is now valued at $1.1 billion after recent funding.
- 02The company has raised a total of $160 million since its inception.
- 03Funding will support the launch of Vikram-1 and development of Vikram-2.
- 04The investment underscores the credibility of India's space sector.
- 05Pawan Kumar Chandana, CEO of Skyroot, emphasizes the importance of launch capabilities.
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Skyroot Aerospace, a Hyderabad-based company, has made history by becoming the first Indian space-tech startup to achieve a valuation of $1.1 billion following a $60 million funding round led by Singapore's GIC and Silicon Valley's Sherpalo Ventures, with participation from investment management firm BlackRock. This funding raises Skyroot's total capital to $160 million. The company, founded in 2018, is preparing for the maiden launch of Vikram-1, India's first privately developed orbital rocket. The successful funding round and valuation signal strong global investor confidence in India's burgeoning space sector, as noted by retired Lieutenant General AK Bhatt, director general of the Indian Space Association. The funding will enable Skyroot to increase the frequency of Vikram-1 launches, expand manufacturing capacity, and advance the development of Vikram-2. Additionally, Ram Shriram, founder of Sherpalo Ventures and an early investor in Google, will join Skyroot's board.
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Skyroot's success could attract more investments into India's space sector, potentially leading to advancements in technology and job creation.
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