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Skyroot becomes India’s first spacetech unicorn after $60 Mn funding round

Entrackr

Entrackr · 1h ago

Skyroot becomes India’s first spacetech unicorn after $60 Mn funding round

Skyroot becomes India’s first spacetech unicorn after $60 Mn funding round Hyderabad-based spacetech startup Skyroot Aerospace has raised $60 million (around Rs 570 crore) in a funding round co-led by Sherpalo Ventures and Singapore’s sovereign wealth fund GIC. The round also saw participation from BlackRock, Arkam Ventures, Playbook Partners, Shanghvi Family Office, and existing investors, including the founders of Greenko Group. With the fresh round, Skyroot’s valuation has crossed $1.1 billion, making it India’s first spacetech unicorn. The startup was valued at around $550 million in 2023 after raising $27 million in a pre-Series C round. The proceeds will be used to scale manufacturing, increase the frequency of Vikram-1 launches, and accelerate the development of Vikram-2, a heavier launch vehicle powered by a cryogenic stage. As part of the latest investment, Sherpalo Ventures founder Ram Shriram will join Skyroot’s board. Founded in 2018 by former ISRO scientists Pawan Kumar Chandana and Naga Bharath Daka, Skyroot Aerospace builds small and medium-lift launch vehicles for the global satellite market. The company is working on its Vikram series of rockets, including Vikram-I and Vikram-II, aimed at providing on-demand, cost-effective, and flexible satellite launch services. It also became the first private Indian company to launch a rocket into space with its Vikram-S mission in 2022. Skyroot Aerospace remained in the pre-revenue stage by the end of FY25 (March 2025). However, its losses widened to Rs 99.70 crore during the year due to continued investments in research and development. With the latest round, Skyroot has become the fourth startup to enter the unicorn club in 2026 after KreditBee last month, Neysa in February, and Juspay, which attained a $1 billion valuation following a $50 million round led by WestBridge in January. Other well-funded spacetech startups in India include Agnikul, Pixxel, and Digantara.

Related News

InCred turns unicorn after raising $60 Mn

Entrackr

Entrackr · 2y ago

InCred turns unicorn after raising $60 Mn

Fintech firm InCred has become a unicorn after raising $60 million in a Series D round of funding. The Mumbai-based non-banking finance company (NBFC) did not disclose the exact valuation or the names of the investors participating in the round. InCred's operating scale has grown by 77.4% to Rs 865.6 crore during the last fiscal year, and its profits have jumped 3.5 times to Rs 109 crore. This makes InCred the second company to achieve unicorn status in 2023, following Zepto.

Spacetech startup Skyroot Aerospace raises Rs 225Cr from Singapore-based Temasek

IndianStartupNews

IndianStartupNews · 2y ago

Spacetech startup Skyroot Aerospace raises Rs 225Cr from Singapore-based Temasek

Hyderabad-based spacetech startup Skyroot Aerospace has raised Rs 225 crore ($27.5 million) in a pre-Series C funding round led by Temasek. The funds will be used to accelerate commercial satellite launches, foster technological advancements, recruit top-tier talent, and enhance launch frequency and capabilities. Skyroot Aerospace, founded in 2018, has introduced the Vikram series of launch vehicles to cater to the growing demand for cost-effective and efficient space launches. The company has previously received funding from Celesta Capital, Rocketship.vc, Artha Venture Fund, and other investors.

PM Modi To Unveil Skyroot’s First Orbital Rocket, Vikram-I

Inc42 · 5m ago

PM Modi To Unveil Skyroot’s First Orbital Rocket, Vikram-I

Prime Minister Narendra Modi will virtually unveil Skyroot Aerospace’s first orbital rocket, Vikram-I. Additionally, he will inaugurate the startup’s new facility, Infinity Campus, in Hyderabad, which spans two lakh sq. ft. and serves as a workspace for designing, developing, integrating, and testing multiple launch vehicles. Skyroot, a pioneer in South Asian private rocket launches, aims to produce an orbital rocket monthly. Founded in 2018, Skyroot is setting milestones in spacetech innovation.

Indian Spacetech Start-Ups Rank Seventh In Terms Of Global Funding

OutlookIndia

OutlookIndia · 2y ago

Indian Spacetech Start-Ups Rank Seventh In Terms Of Global Funding

India ranks seventh globally in space technology funding, with its space sector experiencing a surge in private sector participation. Funding for Indian space tech grew from $35 million between 2010 and 2019 to $112 million in 2022, reflecting a steady expansion amid macroeconomic fluctuations. The country's spacetech sector attracted $62 million in 2023, a 60% increase from the previous year. India's successful satellite launches, innovative companies like Skyroot and Pixxel, and achievements like Chandrayaan-3's moon landing have positioned the nation as a key player in the space industry.

GalaxEye Bags $6.5 Mn From Mela Ventures, Others To Launch Its First Satellite

Inc42 · 1y ago

GalaxEye Bags $6.5 Mn From Mela Ventures, Others To Launch Its First Satellite

GalaxEye, a spacetech startup, has raised funding in a round that involved investors such as Speciale Invest, ideaForge, Rainmatter Capital, and Navam Capital. The funding round is still ongoing and is expected to be completed by September. GalaxEye plans to use the capital to launch its first satellite, called the Drishti Mission, by mid-2025, as well as to expand its team.

Fintech unicorn OneCard seeks $100 Mn at flat valuation

Entrackr

Entrackr · 2y ago

Fintech unicorn OneCard seeks $100 Mn at flat valuation

Mobile-first credit card startup OneCard, operated by FPL Technologies, is reportedly in discussions to raise up to $100 million in a Series E financing round with both new and existing investors. While this would be the company's first funding round of the year, sources suggest that the valuation will remain largely unchanged, likely around $1.5 billion. OneCard offers co-branded credit cards and has a credit score tracking and management app called OneScore with over 80 million users. The company turned unicorn in 2022 after a Series D round led by Temasek.

Pet food brand Drools claims unicorn status after minority stake by Nestlé

Entrackr

Entrackr · 11m ago

Pet food brand Drools claims unicorn status after minority stake by Nestlé Drools Pet Food Private Limited claims it has become India’s first pet food unicorn following a minority investment by Nestlé S.A., the parent company of Nestlé India. Drools has not disclosed the details of the transaction but will continue to operate independently post-investment. The deal gives Nestlé access to India’s growing pet food market, while Drools is expected to continue expanding in both domestic and international markets. Drools, with brands like Pure Pet, Meat Up, Canine Creek, and Kitty Yum, claims to be the top seller in the pet food category on Amazon. The company operates fully online and also sells offline, including vet clinics, pet stores, and general trade retailers. Founded by Fahim Sultan in 2010, Drools operates six production facilities and has a warehousing footprint of 1.6 million square feet. The company distributes its products through 40,000 retail outlets in India and exports to 22 countries. It employs 3,400 people across its operations. Earlier in June 2023, Drools had raised $60 million in funding from private equity firm L Catterton at a valuation of $600 million. The round was one of the largest investments in the pet care industry in India. For the fiscal year ending in March 2024, Drools’ revenue from operations jumped 50% to Rs 714.90 crore from Rs 474.62 crore in FY23. The company however reported a net loss of Rs 14 crore in FY24 against Rs 27.65 crore profit in the previous fiscal year. Drools becomes the fourth startup to enter the unicorn club in 2025. Netradyne and Juspay reached the milestone in January and April, respectively, while Porter recently joined the list after raising $200 million in a Series E round at a valuation exceeding $1 billion.

Former ISRO chief S Somanath joins Skyroot Aerospace as honorary chief technical advisor - The Economic Times

Economic Times

Economic Times · 10m ago

Former ISRO chief S Somanath joins Skyroot Aerospace as honorary chief technical advisor - The Economic Times

Former ISRO chairman S Somanath joined Skyroot Aerospace as honorary chief technical advisor. Somanath, a launch vehicle expert, will support Skyroot in launching its Vikram-1 rocket, India’s first carbon-composite launch vehicle. His role is advisory and non-exclusive. Skyroot has also partnered with Axiom Space for potential collaborations in research and missions. Somanath’s vast experience, including leading Chandrayaan-3 and other ISRO missions, will be invaluable for Skyroot’s endeavors in private space ventures from India.

Waycool in talks to raise over $50 Mn, may become first agritech unicorn

Entrackr

Entrackr · 2y ago

Waycool in talks to raise over $50 Mn, may become first agritech unicorn

WayCool, an agritech startup, is reportedly in discussions to raise over $50 million in funding. If successful, this funding round could elevate WayCool to unicorn status, making it the first agritech unicorn in India. The capital infusion would enable WayCool to further expand its operations, enhance supply chain capabilities, and contribute to the growth and development of the agriculture sector in the country.

Edtech startup Adda247 fires 300 employees

Entrackr

Entrackr · 2y ago

Edtech startup Adda247 fires 300 employees

Edtech startup Adda247 has reportedly laid off around 250-300 employees, marking the company's first round of layoffs in recent years. The layoffs affected various verticals, including StudyIQ, a UPSC-focused platform acquired by Adda247. Sources claim that the downsizing was driven by the need to extend the runway as funding becomes scarce in the edtech sector. Adda247, backed by WestBridge Capital and Google, has raised over $60 million and was valued at $175 million in its last funding round. The company's revenue surged to Rs 61.5 crore in FY22, but losses also increased by 90% to Rs 28.8 crore.

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