Skyroot Aerospace has raised nearly $60 million in fresh funding, co-led by Sherpalo Ventures and GIC, becoming India's first space-tech unicorn with a valuation of $1.1 billion. The company is preparing to launch Vikram-1, the country's first privately developed orbital rocket, from Sriharikota in the coming weeks.

The latest funding round also included investments from funds managed by BlackRock, founders of Greenko Group, Arkam Ventures, Playbook Partners, and the Shanghvi Family Office, among others. The company plans to use the funds to increase launch frequency, expand manufacturing, and accelerate development of Vikram-2, a heavier rocket currently under development.

Skyroot co-founder and CEO Pawan Kumar Chandana said the upcoming launch would be a major milestone for the company and the country's private space sector. The rocket can carry satellites weighing up to 350 kg into low Earth orbit and uses propulsion systems and engines developed by the company, including 3D-printed components.

The Indian government has been pushing to increase the country's share in the global commercial space market, which is expected to grow sharply in the coming years. The Centre opened up the space sector to private companies in 2020, ending decades of government monopoly in rocket launches and satellite missions.

The court will not be involved in this matter, however, the Indian Space Research Organisation (ISRO) will be closely watching the launch of Vikram-1, and the company's future plans will depend on the success of this mission. The company's board will also see the addition of tech investor Ram Shriram, who has backed the startup from its early days.