New Delhi, May 9: Skyroot Aerospace has become India’s first space tech unicorn after raising $60 million in a new investment ahead of the maiden orbital launch of its Vikram-1 rocket in the coming weeks.

The funding round valued the Hyderabad-based startup at $1.1 billion on a pre-money basis and included about $50 million in primary equity co-led by Sherpalo Ventures and GIC, along with around $10 million in structured debt managed by funds affiliated with BlackRock, the company told TechCrunch.

The investment comes as Skyroot prepares for the first orbital launch attempt by an Indian private company. The Vikram-1 rocket was flagged off to India’s spaceport on the southern island of Sriharikota in April, and the startup is targeting a June launch after completing flight qualification tests and beginning integration and launch campaign activities.

Founded in 2018 by former Indian Space Research Organization (ISRO) engineers Pawan Kumar Chandana and Naga Bharath Daka, Skyroot is building small satellite launch rockets broadly comparable to those developed by U.S.-based companies such as Rocket Lab and Firefly Aerospace, with Vikram-1 designed to carry payloads of up to 350 kilograms (around 772 pounds) into low Earth orbit.

Skyroot’s latest valuation more than doubles from the $500 million pre-money valuation it secured during its previous funding round in 2023, as global investors increase bets on India’s emerging private space sector.

The round drew participation from Playbook Partners, Arkam Ventures, and the founders of Greenko Group. Ram Shriram, founder of Sherpalo Ventures and a board member at Alphabet, will join Skyroot’s board.

Skyroot declined to disclose revenue figures or customer backlog details, but said demand for dedicated launches for small satellite operators was strong, with about one-third of expected demand coming from India and the rest from international customers.