Skyroot Aerospace, the Indian launch startup, has secured another $60 million in funding. The company is one of the rising stars in India’s space economy and becomes the nation’s first space “unicorn” company, reaching a valuation of $1.1 billion.
This latest round was co-led by GIC, Singapore’s sovereign wealth fund, and Sherpalo Ventures. Other investors included the founders of Greenko Group and Arkam Ventures. Funds managed by BlackRock, Playbook Partners, the Shanghvi Family Office, and others participated as well.
Skyroot Aerospace revealed details of the funding round, May. 7.
With this round, the company has raised a total of $160 million to date, taking its valuation to $1.1 billion. The company has nearly doubled its valuation in approximately 30 months.
The company which is based in Hyderabad, India will use the capital towards scaling Vikram-1 launch cadence, expanding manufacturing capacity, and accelerating the development of Vikram-2. Skyroot has not yet launched the Vikram-1 vehicle, but said launch is targeted “in the weeks following this announcement.”
Over time, with learnings from early developmental launches, the goal is to achieve a 72-hour assembly-to-launch capability for Vikram-1. This will be supported by Skyroot’s 250,000 sq ft facility (Max-Q and Infinity) in Hyderabad.
Pawan Kumar Chandana, CEO and co-founder of Skyroot Aerospace, recently told Via Satellite that the company is aiming for four to six launches this financial year. “Depending on the observations of the first flight, we may have to change that. But currently, we do plan to follow up quickly,” he said.
Chandana says the company has interest from all over the world for its launch services. “We anticipate a third of the demand to be domestic, and the remaining to be international. In terms of international — Southeast Asia, Japan, U.S., and Europe will be good contributors,” he said.
Read more from Via Satellite: Skyroot Aerospace: Indian Launch Player Ready for the Big Stage
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