When Ram Shriram invested in a young Google in the late 1990s, the Internet economy itself was still taking shape. Nearly three decades later, the Chennai-born investor has surfaced at the centre of another emerging sector — private space technology — with Skyroot Aerospace becoming India’s first space-tech unicorn.
Skyroot’s latest $60-million funding round, led by Shriram-backed Sherpalo Ventures and GIC, has valued the Hyderabad-based startup at $1.1 billion. The development marks a milestone not just for the company but also for India’s nascent private space ecosystem, which has seen rising investor interest since the sector was opened up to private participation.
The investment also reflects Shriram’s long-running preference for backing businesses built around large technological shifts rather than short-cycle consumer trends.
From Search Engines to Rocket Science
While his name is most closely associated with Google’s early years, his investing career has largely revolved around infrastructure-heavy or platform-led technology ventures with long gestation periods.
Industry executives tracking the space sector say Skyroot’s rise signals that investor appetite for Indian aerospace ventures is moving beyond experimentation. Rocket manufacturing and launch businesses require patient capital, high engineering capability and regulatory support, factors that traditionally limited venture participation in the sector.
So far this year, 11 space tech startups have raised nearly $100 million in funding, compared to the roughly $30 million raised by 14 companies during the same period last year, according to Tracxn data.
Founded by former Isro scientists Pawan Kumar Chandana and Naga Bharath Daka, Skyroot gained visibility after the successful launch of Vikram-S in 2022, becoming the first Indian private company to send a rocket into space.
Scaling the Vikram Series
The company is now preparing for Vikram-1, an orbital launch vehicle aimed at the small satellite market.
For Shriram, the investment comes after decades in the global technology industry. Before becoming an investor, he held roles at Netscape and later at Junglee, the e-commerce comparison platform acquired by Amazon. His early association with Google eventually turned into one of Silicon Valley’s defining startup investments and established him as a prominent technology backer.
Unlike consumer Internet businesses that scale rapidly with relatively lower capital needs, space ventures demand sustained funding over several years before commercial returns become visible. That distinction makes Skyroot’s unicorn valuation notable at a time when startup funding globally has become more selective and investors are placing greater emphasis on profitability and execution.
The latest round included participation from investors such as BlackRock, Greenko Group founders, Arkam Ventures and Playbook Partners, indicating widening institutional interest in the sector. The capital is expected to support upcoming launches, manufacturing capabilities and expansion of launch infrastructure.
Beyond the valuation milestone, the investment underlines a broader shift underway in India’s startup landscape. Investors who once focused primarily on software and consumer Internet ventures are increasingly looking at deep-tech segments such as aerospace, defence, semiconductor design and artificial intelligence, sectors where commercial timelines are longer but strategic relevance is higher.
In that sense, Skyroot’s rise may represent more than just another unicorn milestone. It reflects how India’s startup ecosystem is beginning to attract long-horizon capital aimed at technologies once considered too complex or capital-intensive for private investors.