Skyroot Aerospace gets funding
Hyderabad-based space tech startup Skyroot Aerospace has now become India's first space tech unicorn. The company has received new funding of $60 million, after which its valuation has reached $1.1 billion. American billionaire Ram Shriram, who was an early investor in Google, is leading this funding round. Through this investment, the company will accelerate preparations for its Vikram-1 rocket launch and global expansion in the small satellite market.
Among the existing investors of the company, Singapore's GIC, Founders of Greenko Group and Arkam Ventures have also participated in this round. At the same time, the world's largest asset management company BlackRock is also now joining the company's equity cap table. Apart from this, the family office of the promoters of Sun Pharma and Playbook Partners have also invested. Skyroot Aerospace has raised a total funding of more than $100 million so far. Earlier in 2023, the company had raised a Pre-Series C round of $27.5 million led by Temasek.
The company will use the new funds to accelerate its launch vehicle program. Special focus will be on development of Vikram-1 orbital launch vehicle, increasing launch infrastructure, expanding engineering team and strengthening technology capability. Skyroot Aerospace created history by launching Vikram-S rocket in 2022. This was India's first private sector rocket which was successfully sent into space. Now the company is busy preparing for the launch of Vikram-1, which can be launched from Sriharikota in the coming few weeks.
Rocket testing has been completed
According to the company's co-founder and CEO Pawan Kumar Chandana, the most important integrated testing of the rocket has been completed and the hardware is being sent to Sriharikota in a systematic manner. The launch window may open in June. However, the last date will depend on regulatory approvals and vehicle readiness.
In this mission flight of about 15 minutes, Vikram-1 will deliver payload to a low-earth orbit at an altitude of more than 400 kilometers. This will include Earth Observation Satellites and in-orbit experiment modules from customers in India and abroad. Skyroot, which is preparing to challenge global companies like SpaceX and Rocket Lab, now wants to establish its strong presence in the small satellite launch market.
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