Hyderabad-based Skyroot Aerospace has turn into India’s first spacetech unicorn after elevating almost $60 million in a funding spherical that valued the startup at $1.1 billion.

The spherical was co-led by Sherpalo Ventures and Singapore’s sovereign wealth fund GIC, with participation from buyers together with BlackRock, Playbook Companions, Arkam Ventures and the Shanghvi Household Workplace.

It turns into the fourth Indian startup to enter the unicorn membership in 2026, following fintech corporations KreditBee and Juspay, and AI startup Neysa.

Based in 2018 by former ISRO scientists Pawan Kumar Chandana and Naga Bharath Daka, Skyroot is creating the Vikram sequence of launch automobiles geared toward offering devoted satellite tv for pc launch providers for international prospects.

The spacetech startup made headlines in 2022 when it launched Vikram-S, the primary privately constructed Indian rocket to achieve area. It’s now getting ready for the maiden orbital mission of Vikram-1, which might mark India’s first non-public orbital rocket launch.

“We at Skyroot are excited in regards to the upcoming Vikram-1 launch, India’s first non-public orbital rocket, marking a big milestone each for India and the worldwide area sector,” Chandana stated.

“This funding alerts confidence from a few of the world’s most reputed buyers in Skyroot,” he stated.

The contemporary funding could be used to scale manufacturing, improve the frequency of Vikram-1 launches and speed up growth of Vikram-2, a heavier launch automobile powered by a cryogenic stage, the startup stated.

Vikram-1 is designed to hold satellites weighing as much as 350kg into low Earth orbit. The rocket makes use of an all-carbon composite construction and propulsion techniques developed in-house, together with 3D-printed engines.

Skyroot develops its rocket constructions and propulsion techniques at its Max-Q and Infinity campuses in Hyderabad, within the southern Indian state of Telangana.

As a part of the funding, Silicon Valley investor Ram Shriram, an early backer of Google and board member of Alphabet, will be a part of the startup’s board.

“I’ve believed within the Skyroot workforce for the reason that early days, and that conviction has solely deepened because the workforce marches ahead to the launchpad with Vikram-1,” Shriram stated.

“Entry to area is without doubt one of the key challenges of our time. Skyroot is constructing the foundational infrastructure for that future with top-of-the-line cost-to-performance ratios within the orbital launch business,” he added.

With the newest funding spherical, Skyroot has raised almost $160 million up to now from international buyers together with GIC and Temasek.