Hyderabad-based Skyroot Aerospace raised $60 million in a Series C round on 7 May 2026, vaulting the small-satellite launch vehicle developer to a post-money valuation of $1.1 billion and cementing its status as India's first space-technology unicorn. The round was co-led by Sherpalo Ventures and Singapore's sovereign wealth fund GIC, with participation from BlackRock, Arkam Ventures, Playbook Partners, the Shanghvi Family Office, and the founders of Greenko Group. Ram Shriram, founder of Sherpalo and a board member of Alphabet, will join Skyroot's board. The raise takes the company's total equity funding past $160 million across nine rounds since its founding in 2018.

The capital arrives at a defining moment. Skyroot is weeks away from the maiden orbital flight of Vikram-1, India's first privately developed orbital rocket, designed to carry payloads of up to 350 kg to low Earth orbit. The company made history in November 2022 when Vikram-S became the first privately built Indian rocket to reach space on a sub-orbital mission. The new valuation more than doubles the $519 million mark set during a 2023 Series B led by Temasek, GIC and LNM India Internet Ventures, underscoring how rapidly investor sentiment toward India's private space sector has shifted.

The significance extends beyond a single company's balance sheet. India's private space economy is currently estimated at $8–9 billion and is projected to reach $40–50 billion by 2030, driven by post-ISRO policy reforms that opened launch, manufacturing, and satellite services to private capital. Skyroot plans to use the fresh funds to scale Vikram-1 launch cadence, expand its Hyderabad manufacturing campuses, and accelerate development of Vikram-2 — a one-tonne class vehicle powered by a cryogenic upper stage. With GIC and Temasek both on the cap table, Singapore's sovereign capital is now deeply embedded in India's emerging space industrial base, a relationship with growing strategic as well as commercial weight.

Australia has quietly positioned itself as a preferred destination for Indian space partnerships, with agreements under the Australia-India Strategic Research Fund and growing bilateral cooperation in space and defence technology. A commercially viable Indian private launch provider strengthens the case for Australian small-satellite operators — including those in Earth observation and communications — to access cost-competitive orbital delivery without sole reliance on US or European providers. Skyroot's CEO has flagged international demand as a priority, and Australia's growing constellation of space startups, clustered around the Australian Space Agency's launch ambitions in Arnhem Land, represents a natural near-term customer base. Investors in the Australian venture ecosystem should also note that two of Skyroot's backers — GIC and Temasek — are active allocators across APAC, including in Australia, suggesting a deepening web of capital that could accelerate Indo-Pacific space collaboration.

What Skyroot's Unicorn Round Means for Australia's Space Ambitions

Skyroot Aerospace's $1.1 billion valuation is a landmark for India's private space ecosystem, but the more consequential milestone is still weeks away: the maiden orbital flight of Vikram-1, India's first privately developed orbital rocket. Founded by two former ISRO scientists — Pawan Kumar Chandana and Naga Bharath Daka — Skyroot has now raised over $160 million in total, with backing from GIC, Temasek, BlackRock and Sherpalo's Ram Shriram, who joins the board. The Director General of the Indian Space Association described the unicorn status as a landmark reflecting growing global investor confidence in Indian space capabilities. India's space economy, currently valued at $8–9 billion, is targeted to reach $40–50 billion by 2030; a successful Vikram-1 orbital mission would be the clearest single proof point yet that India's private launch sector has moved from government-adjacent demonstration projects to genuine commercial operations.

Skyroot Is India's First Spacetech Unicorn — and Vikram-1 Is Still to Launch

Singapore's GIC has now backed Skyroot across multiple rounds, making it one of the most consistent institutional supporters of India's private launch sector. The co-lead position in a unicorn-creating Series C is a clear signal that GIC views commercial space — not just data centres and AI infrastructure — as a long-duration return opportunity in the APAC technology stack. For Singapore's broader investment community, the deal reinforces the city-state's role as a capital hub connecting global institutional money with high-growth Indian deep-tech. It also sets a precedent: if Skyroot achieves regular orbital cadence and begins generating launch revenues, GIC's early-entry position could become a template for sovereign capital participation in the next wave of Indian spacetech ventures, including satellite manufacturing, in-space propulsion, and ground-segment services.

GIC's Skyroot Co-Lead Anchors Singapore in India's Space Economy

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Skyroot Aerospace closed a $60M Series C on May 7, backed by Singapore's GIC and BlackRock, making it India's first space unicorn ahead of the Vikram-1 orbital launch.

$1.1B valuation: India finally has a spacetech unicorn

The Hyderabad-based rocket maker's $60M Series C, backed by GIC and BlackRock, lands weeks before the Vikram-1 orbital launch.

Singapore's sovereign wealth fund GIC co-led the Skyroot Series C alongside Sherpalo Ventures, reinforcing a pattern of cross-APAC capital flows into India's deep-tech sector that has accelerated since India's space liberalisation reforms. GIC had previously backed Skyroot in its 2022 Series B and the 2023 pre-Series C led by Temasek — meaning two of Singapore's largest sovereign vehicles now hold positions in India's most advanced private launch company. This is not passive portfolio exposure: both funds have been active participants as Skyroot progressed from concept to sub-orbital flight to the cusp of orbital operations.

For APAC investors assessing the commercial space opportunity, Skyroot's unicorn status is a proof point that patient, technically sophisticated capital can find exits or mark-ups in markets previously considered too early-stage. Skyroot CEO Pawan Kumar Chandana has said the company anticipates a third of launch demand to be domestic and the remainder international — with Southeast Asia, Japan, the US and Europe all identified as contributor markets. That demand profile means a successful Vikram-1 mission would not just validate Indian launch capability; it would open a direct commercial pipeline into the broader APAC satellite deployment market, where demand for affordable small-sat access continues to outpace supply.

The sovereign fund's co-lead role in Skyroot's unicorn round highlights APAC capital's growing stake in the subcontinent's launch economy.

Singapore's GIC Deepens Bet on India's Private Space Race

Skyroot Aerospace Becomes India's First Spacetech Unicorn at $1.1B

Singapore's startup and SME ecosystem received a major shot in the arm with Budget 2026, and as of 1 April 2026, several key measures have officially kicked in. From a massive S$1 billion injection into the Startup SG Equity scheme to enhanced grant support levels of up to 70% for local SMEs, here is everything business owners and entrepreneurs need to know about the changes now in effect. The centrepiece of Budget 2026's enterprise support measures is the S$1 billion top-up to the Startup SG Equity (SSGE) scheme. Previously focused on early-stage deep tech startups, the scheme has been expanded to include growth-stage companies as well — a significant shift that addresses one of the longest-standing gaps in Singapore's startup funding landscape. The S$1 billion allocation is expected to catalyse significantly more private investment, as government co-investment typically gives private investors greater confidence to participate in funding rounds.

Beyond startups and SMEs, Budget 2026 also allocated a second tranche of S$1.5 billion to the Anchor Fund, a co-investment initiative between the government and Temasek. First established in 2021, the Anchor Fund's expansion signals the government's commitment to making the Singapore Exchange (SGX) a more vibrant and attractive capital market. An additional S$1.5 billion top-up to the Equity Market Development Programme will further support fund managers and institutional investors in Singapore's capital markets ecosystem. In parallel, the Monetary Authority of Singapore (MAS) will expand its Equity Market Development Programme, which has already allocated close to S$4 billion to asset managers to deepen investor participation in local equities. A further S$1.5 billion top-up was announced, alongside plans to streamline listing rules for high-growth firms.

Budget 2026 shifts attention to what happens after that initial phase. Instead of concentrating on startup formation, the government is targeting the scale-up gap — the stage where companies need larger Series B and C rounds, deeper pools of private capital, and credible exit pathways. The S$1 billion expansion of Startup SG Equity to include growth-stage firms reflects this shift. A new workgroup will be formed, led by National Development Minister Chee Hong Tat, who is also Deputy Chairman of the Monetary Authority of Singapore (MAS). The group will collaborate closely with industry stakeholders to develop strategies aimed at positioning Singapore as a leading global centre for growth capital.

From 1 April 2026 to 31 March 2029, the Market Readiness Assistance (MRA) grant support levels have been enhanced to up to 70% of eligible costs for local SMEs, up from the previous cap of 50%. This is a substantial increase that makes it significantly more affordable for small businesses to expand overseas. The budget measures come at a time when Singapore SMEs are increasingly embracing technology. According to recent data, AI adoption among Singapore SMEs tripled from 4.2% to 14.5% between 2023 and 2024.

Singapore SMEs Get 70% Grant Support Boost

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Budget 2026 deploys growth capital schemes as initiatives take effect April 1.

It acknowledges that early capital is more accessible today than a decade ago, but later-stage funding remains constrained, particularly in a tighter global environment. Venture funding has cooled in recent years, particularly for late-stage rounds. Investors are more cautious, valuations have reset, and capital is flowing more selectively.

By expanding Startup SG Equity to growth-stage firms, the government is attempting to crowd in private investors for larger rounds, rather than merely seeding new startups. Under the scheme, the state co-invests alongside private investors in Singapore-based technology companies with intellectual property and global ambitions.

City-state positions for regional leadership in later-stage venture funding.

APAC Growth Capital Hub Emerges in Singapore

Singapore Launches S$4 Billion Investment Blitz

Singapore's government announced a second S$1.5 billion tranche of the Anchor Fund, bringing total funding to S$3 billion to attract high-quality public listings to the Singapore Exchange. The fund, managed by Temasek's 65 Equity Partners, was established in 2021 to support and attract leading companies to list in Singapore. Recent successes include AvePoint's S$260 million secondary listing in September and UltraGreen.ai's oversubscribed $400 million IPO late last year.

Prime Minister Lawrence Wong noted 'encouraging signs of renewed listing activity' on SGX since the fund's launch. The increased funding reflects strong demand from fund managers who see compelling opportunities in Singapore-listed stocks and enterprises seeking to raise capital on SGX. This builds on MAS's Equity Market Development Programme launched in July 2025 and the establishment of the SGX-Nasdaq dual listing bridge.

The expansion targets the scale-up gap where companies need larger Series B and C rounds and credible exit pathways. The latest commitment suggests Singapore wants to anchor more scaling companies on SGX rather than see them list overseas. Industry experts view the S$1.5 billion infusion as signaling strong government commitment to invigorate the equities market.

The Anchor Fund is part of comprehensive initiatives to revive Singapore's capital markets, including the Equity Market Development Programme which funnels capital to asset managers investing in Singapore-listed stocks. Budget 2026's message is clear: Singapore is investing to strengthen conditions for long-term growth, reinforcing its position as a trusted base for companies building and expanding in Asia.

Singapore Doubles Down on Capital Markets Leadership

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Government doubles investment to S$3B total as equity market momentum builds.

Singapore's move comes as APAC raised $334 billion in equity capital markets in 2025, representing 34% of global volumes—the highest post-COVID share. The IPO pipeline for 2026 remains robust across major APAC markets, with strategic monetizations by financial sponsors expected to sustain volumes.

The intervention signals Singapore's prepared to act more assertively to secure its position in the next phase of technology financing, though whether this evolves into durable market advantage will become clearer in coming years.

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News Coverage

Skyroot Aerospace Becomes India's First Spacetech Unicorn at $1.1B

Singapore Launches S$4 Billion Investment Blitz

Singapore Expands S$1.5B Anchor Fund to Boost IPO Pipeline