Skyroot becomes India’s first space-tech unicorn ahead of June Vikram-1 launch
GIC and BlackRock-managed funds anchor a fresh round that more than doubles the company’s 2023 valuation. The round is timed to the planned orbital launch of Vikram-1 from Sriharikota, the first private Indian rocket to attempt the milestone.
Skyroot Aerospace, the Hyderabad-based private launch-vehicle developer, has crossed into unicorn territory with a fresh round backed by GIC and BlackRock-managed funds, Bloomberg reported on Wednesday. The deal makes Skyroot India’s first space-technology company to reach a $1bn-plus valuation, the kind of milestone the country’s still-nascent private space sector has been working toward since regulatory liberalisation in 2020.
The trajectory is striking. Skyroot’s last priced round, a $51m Series B led by GIC in 2023, valued the company at roughly $519m. Reports of an imminent unicorn round began surfacing in April, with the new round structured to roughly double that figure.
The current Bloomberg confirmation closes the question. The combined...
Copyright of this story solely belongs to thenextweb.com. To see the full text click HERE
