The investment arrives at a pivotal moment. The Hyderabad-based start-up, which was founded in 2018, is preparing the maiden flight of Vikram-1, set to be India’s first privately designed and developed orbital rocket. The funds will be used for launch operations, expand manufacturing capacity and accelerate development of the more capable Vikram-2, the company said.
(May 7): Skyroot Aerospace Pvt Ltd has become India’s first space-tech unicorn after securing US$60 million ($75.95 million) in fresh funding from GIC Pte Ltd and Sherpalo Ventures, lifting its valuation to US$1.1 billion.
The round also saw participation from funds managed by BlackRock Inc, taking Skyroot’s total capital raised to US$160 million, the company said in a statement on Thursday.
