Swiggy cofounders pick up stake in India’s first space unicorn Skyroot

Swiggy cofounders Sriharsha Majety and Nandan Reddy each invested ₹4.99 crore in Skyroot Aerospace as part of its ongoing pre-series C2 funding round, raising the startup’s valuation to $1.25 billion. The funding round follows Skyroot’s recent $60 million raise, which propelled it to unicorn status. Majety and Reddy acquired 202 compulsorily convertible preference shares (CCPS) each, a common instrument in private equity that converts to equity later. Skyroot Aerospace, founded in 2018, became India’s first private firm to conduct a suborbital rocket launch in November 2022. The company’s Vikram rocket, named after ISRO’s first chairman, is designed to deploy small satellites in low-Earth orbit. Skyroot plans its first commercial launch later this fiscal year and aims for three demonstration launches by 2027, with commercial revenue expected by December 2024. India’s space sector opened to private players in 2020, ending ISRO’s monopoly on rocket launches. Skyroot’s progress has attracted other prominent investors, including Myntra cofounder Mukesh Bansal and Greenko Group cofounder Anil Chalamalasetty. The company’s shareholders recently approved a SpaceX-style stock option plan for cofounders Pawan Kumar Chandana and Naga Bharath Daka, granting them up to 4% stake if they meet key milestones like deploying a satellite and raising $100 million at a $1 billion valuation. Industry experts view the investments as a sign of growing confidence in India’s deep-tech space sector. Pranav Pai of 3One4 Ventures noted that successful entrepreneurs are increasingly backing high-growth ventures, mirroring past trends in IT and e-commerce. Skyroot’s ability to develop rockets independently and its alignment with global private space industry trends have bolstered investor trust. The company’s regulatory filings confirm the $1.25 billion valuation, achieved after raising $60 million in May. Skyroot’s focus on modular, lightweight rockets positions it to compete in the growing global market for small satellite launches. With commercial operations on the horizon, the startup’s trajectory reflects India’s expanding role in the private space economy.