From Haldiram’s to Lakshmi Mittal: Who made millions from Skyroot, India’s first private space unicorn
This week, Skyroot Aerospace scripted history with the successful launch of Vikram-1, India's first privately developed orbital rocket, from the Satish Dhawan Space Centre in Sriharikota under Mission Aagaman.
- Jul 23, 2026,
- Updated Jul 23, 2026 4:31 PM IST
India’s private space sector has produced its first unicorn, and in the process created enormous wealth for a diverse group of early investors. Founded in 2018 by former ISRO scientists Pawan Kumar Chandana and Naga Bharath Daka, Skyroot has emerged as the flagbearer of India’s private space ecosystem.
This week, Skyroot Aerospace scripted history with the successful launch of Vikram-1, India's first privately developed orbital rocket, from the Satish Dhawan Space Centre in Sriharikota under Mission Aagaman. The four-stage, 22-metre launch vehicle placed multiple payloads into a 450-km Low Earth Orbit, making India only the third country where a private company has independently developed and launched an orbital-class rocket.
Skyroot's successful launch milestones and rapid valuation growth have transformed early investments by Haldiram's Nagpur, Mukesh Bansal, LNM India Internet Ventures, Shanghvi Family Office and other backers into one of the country’s most successful deep-tech investment stories.
DO CHECKOUT: Vikram-1 launch: India's first private orbital rocket enters space; joins US, China
Mukesh Bansal as a seed investor
One of the biggest investors in Skyroot’s rise is Mukesh Bansal, founder of Myntra and Cult.fit.
Bansal invested nearly ₹12 crore in Skyroot beginning with its first angel round in July 2018, when the startup was valued at just $4.79 million. He continued backing the company through the 2019 angel round, the 2020 seed round, and the 2021 Series A, making him one of Skyroot’s earliest and most consistent supporters.
Following Skyroot’s latest valuation of $1.1 billion, the value of Bansal’s investment has surged to nearly ₹700 crore, delivering almost 60x returns over eight years, according to Moneycontrol.
Haldiram's Nagpur
Among the notable investors is Haldiram's Nagpur, which entered Skyroot’s cap table in January 2022 by participating in the $4.5 million Series B funding round led by Sherpalo Ventures. The round also included WAMI Capital, Neeraj Arora, Amit Singhal, Crimson, Vevek Venture Investments and AKSS Holdings, according to Tracxn.
Funding journey
Skyroot’s fundraising journey mirrors the rapid growth of India’s private space industry.
The startup’s first major institutional round came in May 2021, when it raised $15 million in Series A, valuing the company at $90 million. The round was led by Anil Chalamalasetty and Mahesh Kolli, with participation from Mukesh Bansal, WorldQuant Ventures, Sutton Capital, Crimson, DigiTele Networks, Solar Group and others.
LNM India Internet Ventures joined later
In August 2022, the startup raised $51 million in another Series B round led by GIC at a $164 million valuation. Existing investor Mukesh Bansal participated again, while LNM India Internet Ventures, founded by Lakshmi Niwas Mittal (Executive chairman of ArcelorMittal), also joined the cap table along with Sherpalo Ventures, Solar Group, WAMI Capital and others.
In October 2023, Skyroot secured another $27.5 million in funding led by Temasek, with participation from GIC and LNM India Internet Ventures, pushing the company’s valuation to $519 million.
ALSO READ: India's Skyroot Aerospace takes a page from Elon Musk's playbook, begins work on reusable rocket
Unicorn attracts Shanghvi family
Skyroot achieved unicorn status in May 2026 after raising $50 million in a Series C round co-led by Sherpalo Ventures and GIC, taking its valuation to $1.1 billion.
The landmark round also attracted several prominent investors, including Shanghvi Family Office (Shanghvi Group), Arkam Ventures, Playbook Partners, and DigiTele Networks. Earlier in 2026, the company had also secured $10.8 million in conventional debt from BlackRock.
India’s private space sector has produced its first unicorn, and in the process created enormous wealth for a diverse group of early investors. Founded in 2018 by former ISRO scientists Pawan Kumar Chandana and Naga Bharath Daka, Skyroot has emerged as the flagbearer of India’s private space ecosystem.
This week, Skyroot Aerospace scripted history with the successful launch of Vikram-1, India's first privately developed orbital rocket, from the Satish Dhawan Space Centre in Sriharikota under Mission Aagaman. The four-stage, 22-metre launch vehicle placed multiple payloads into a 450-km Low Earth Orbit, making India only the third country where a private company has independently developed and launched an orbital-class rocket.
Skyroot's successful launch milestones and rapid valuation growth have transformed early investments by Haldiram's Nagpur, Mukesh Bansal, LNM India Internet Ventures, Shanghvi Family Office and other backers into one of the country’s most successful deep-tech investment stories.
DO CHECKOUT: Vikram-1 launch: India's first private orbital rocket enters space; joins US, China
Mukesh Bansal as a seed investor
One of the biggest investors in Skyroot’s rise is Mukesh Bansal, founder of Myntra and Cult.fit.
Bansal invested nearly ₹12 crore in Skyroot beginning with its first angel round in July 2018, when the startup was valued at just $4.79 million. He continued backing the company through the 2019 angel round, the 2020 seed round, and the 2021 Series A, making him one of Skyroot’s earliest and most consistent supporters.
Following Skyroot’s latest valuation of $1.1 billion, the value of Bansal’s investment has surged to nearly ₹700 crore, delivering almost 60x returns over eight years, according to Moneycontrol.
Haldiram's Nagpur
Among the notable investors is Haldiram's Nagpur, which entered Skyroot’s cap table in January 2022 by participating in the $4.5 million Series B funding round led by Sherpalo Ventures. The round also included WAMI Capital, Neeraj Arora, Amit Singhal, Crimson, Vevek Venture Investments and AKSS Holdings, according to Tracxn.
Funding journey
Skyroot’s fundraising journey mirrors the rapid growth of India’s private space industry.
The startup’s first major institutional round came in May 2021, when it raised $15 million in Series A, valuing the company at $90 million. The round was led by Anil Chalamalasetty and Mahesh Kolli, with participation from Mukesh Bansal, WorldQuant Ventures, Sutton Capital, Crimson, DigiTele Networks, Solar Group and others.
LNM India Internet Ventures joined later
In August 2022, the startup raised $51 million in another Series B round led by GIC at a $164 million valuation. Existing investor Mukesh Bansal participated again, while LNM India Internet Ventures, founded by Lakshmi Niwas Mittal (Executive chairman of ArcelorMittal), also joined the cap table along with Sherpalo Ventures, Solar Group, WAMI Capital and others.
In October 2023, Skyroot secured another $27.5 million in funding led by Temasek, with participation from GIC and LNM India Internet Ventures, pushing the company’s valuation to $519 million.
ALSO READ: India's Skyroot Aerospace takes a page from Elon Musk's playbook, begins work on reusable rocket
Unicorn attracts Shanghvi family
Skyroot achieved unicorn status in May 2026 after raising $50 million in a Series C round co-led by Sherpalo Ventures and GIC, taking its valuation to $1.1 billion.
The landmark round also attracted several prominent investors, including Shanghvi Family Office (Shanghvi Group), Arkam Ventures, Playbook Partners, and DigiTele Networks. Earlier in 2026, the company had also secured $10.8 million in conventional debt from BlackRock.