Skyroot Aerospace becomes the country's first spacetech unicorn: valuation reaches ₹10 thousand crore after funding of ₹500 crore; Vikram-1 rocket launch preparations in full swing

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Skyroot Aerospace Funding Boosts Valuation; Vikram 1 Rocket Launch Gears Up

Hyderabad29 minutes ago

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Hyderabad based Skyroot Aerospace has raised funding of $60 million i.e. about ₹500 crore. After this investment, the valuation of the company has reached 1.1 billion dollars i.e. about ₹ 10 thousand crores. It is the first space startup in the country to join the Unicorn Club.

Manufacturing and development of Vikram-2 rocket will be accelerated

CEO Pawan Kumar Chandana said that the funding will be used for three purposes.

First, to arrange regular launches of Vikram-1. This means that a rocket can be launched every few months, and the company’s revenue flow can start by launching customers’ satellites into space.

Second, to increase manufacturing capacity so that many rockets can be made simultaneously. Mass production will reduce the cost of the rocket and Skyroot will be able to compete with other companies.

Third, to develop Vikram-2 rocket. This rocket will be capable of carrying a weight of up to 1,000 kg into space. Advanced cryogenic stage will be used in this.

Pawan Kumar Chandana (right) and Naga Bharat Daka, founders of Skyroot Aerospace.

Important parts of Vikram-1 sent to Sriharikota, launching will happen soon

This funding has come at a time when the company is preparing for the maiden flight of its first private orbital rocket ‘Vikram-1’. Skyroot recently shipped critical parts of the rocket from its manufacturing facility in Hyderabad to Sriharikota in Andhra Pradesh.

The company is planning to launch it in the next few weeks. The startup claims that its services for sending satellites into orbit will be the cheapest in the world.

Google’s early investor Ram Shriram will join the board

The funding round was led by global institutional investors Sherpalo Ventures and GIC. Founders of Greenco Group and existing investors like Arkam Ventures also participated in it.

Google’s early investor Ram Shriram will now join the board of Skyroot. Apart from these, BlackRock, Playbook Partners and Shanghvi Family Office have also invested.

Started with Vikram-S in 2022

Skyroot created history by launching Vikram-S in 2022. It was India’s first privately built rocket. Vikram-1 is the next stage of this journey, which will be able to go completely to orbit.

Vikram S was launched in 2022 from the Satish Dhawan Space Center in Sriharikota.

Knowledge Part:

Meaning of Unicorn: When the market valuation of a startup crosses 1 billion dollars i.e. about Rs 9,400 crore, it is called ‘Unicorn’.

Starting Skyroot: Pawan Kumar Chandana worked in ISRO for 6 years after doing mechanical engineering from IIT Kharagpur. Here Chandana met Naga Bharat Daka, another IITian. Both of them left their jobs and started Skyroot Aerospace in 2018.

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