Indian space co Skyroot becomes first $1 billion space-tech startup with GIC, Sherpalo, Blackrock backing

Bengaluru: India's Skyroot Aerospace has became the first space-sector company in the country to hit a $1 billion dollar valuation after securing $60 million in fresh funding from Singapore's sovereign wealth fund GIC and Silicon Valley-based Sherpalo Ventures.

Investment management company BlackRock also took part in the ‌funding round, ⁠taking Skyroot's ⁠total capital raised to $160 million, the company said in a statement on Thursday.

The company launched India's first privately developed rocket in 2022 and said ​it is now valued at $1.1 billion.


The valuation and financial backers involved send a "strong signal to global investors" about the credibility ​of India's space sector, said retired Lieutenant ⁠General AK ‌Bhatt, the director general of the Indian ​Space Association, ​an industry lobby group.

Skyroot is preparing the ⁠maiden launch of Vikram-1, the country's first privately developed ​orbital rocket, after the Indian Space Research ​Organisation (ISRO), the country's national space agency, suffered consecutive orbital launch failures.

Founded in 2018, Hyderabad-based Skyroot was the first space startup to sign an agreement to use ISRO launch-and-test facilities when the government opened the door to private companies in ‌2020.

CEO and co-founder of Skyroot Aerospace, Pawan Kumar Chandana, said the ability to launch rockets is critical ​given few ​countries or private ⁠companies have such capabilities.

"This will promote more and more investments in India," he said.

Sherpalo Ventures founder Ram Shriram, known for his ​early backing of Google, will join the Skyroot's board, the company also said.

Skyroot said the funding will allow it to increase the frequency of Vikram-1 launches, expand its manufacturing capacity, and advance development of Vikram-2.