Skyroot Aerospace In Talks To Raise Up To $300 Million At $3 Billion Valuation, Reports

Skyroot Aerospace is in advanced talks to raise $280-300 million (₹2,600-2,850 crore) from Fidelity, General Catalyst and Benchmark, with the space-tech startup being valued at $2.8-3 billion in the proposed round, according to an exclusive Moneycontrol report.

Fidelity is expected to invest around $170-190 million, General Catalyst could put in $70-80 million, while Benchmark is likely to invest $20-30 million, according to sources cited by Moneycontrol. The final size and valuation of the round could change as discussions continue.

If completed at the reported valuation, the fundraise would mark a sharp rise from Skyroot's $1.1 billion valuation in May, when it raised $60 million. The latest round could also see existing investors including GIC, BlackRock, Sherpalo Ventures and Arkam Ventures participate on a pro-rata basis.

Skyroot funding round could value company at $3 billion

The latest fundraising talks come less than two months after Skyroot completed the launch of Vikram-1, India's first privately developed orbital launch vehicle.

The company had earlier been seeking around $200 million at a valuation of about $2 billion. The fundraising process changed after the successful July 18 launch, with investor interest increasing, according to people familiar with the discussions.

The latest proposed valuation of up to $3 billion would be nearly three times the $1.1 billion valuation at which the company raised its previous round in May.

At the time, the company raised $60 million from investors including Sherpalo Ventures, GIC, BlackRock, Arkam Ventures and others, becoming India's first space-tech unicorn.

Benchmark set for first India investment The proposed investment would mark Benchmark's first known direct investment in an Indian company.

The Silicon Valley venture capital firm has previously backed companies including Uber, Twitter and Snap. Its potential investment in Skyroot would give it exposure to India's growing commercial space sector.

The proposed round could also rank among India's larger private funding deals this year, particularly outside the artificial intelligence and data-centre sectors.

The company was founded in 2018 by former Indian Space Research Organisation scientists Pawan Kumar Chandana and Naga Bharath Daka. The Hyderabad-headquartered space-tech company is developing launch vehicles aimed at providing dedicated launches for small satellites.

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