Hyderabad-based space-tech startup Skyroot Aerospace is in advanced discussions to raise $280-300 million (₹2,600-2,850 crore) from global investment firms Fidelity, General Catalyst and Benchmark, according to a Moneycontrol report citing four people familiar with the matter.
The proposed funding round could value Skyroot at around $2.8-3 billion, the report said, although the size and valuation could change depending on participation from the company’s existing investors.
Fidelity is expected to invest around $170-190 million, while General Catalyst could contribute $70-80 million. Benchmark is likely to invest $20-30 million, according to people cited in the report.
Benchmark eyes India debut as Skyroot valuation surges
If completed, the deal would mark Benchmark’s first known direct investment in an Indian company. The Silicon Valley-based venture capital firm has previously backed companies such as Uber, Twitter, now X, and Snap during their early stages.
The proposed investment would give Benchmark exposure to India’s rapidly developing commercial space sector, which has been attracting increasing interest from international investors.
The ongoing fundraise is also significantly larger than Skyroot’s initial plans. Moneycontrol first reported on August 5 that the company was looking to raise more than $200 million at a valuation of about $2 billion. The fundraising process subsequently became competitive, with investors reportedly approaching Skyroot to secure a place in the round.
Existing investors, including Singapore’s GIC, BlackRock, Sherpalo Ventures and Arkam Ventures, are also considering participating on a pro-rata basis. Their involvement could influence the final size and valuation of the transaction.If the current negotiations are completed, Skyroot’s valuation would be almost three times the $1.1 billion level at which it raised its previous round in May.
Vikram-1 launch gives fundraising a major lift
Skyroot’s funding prospects have improved sharply following the successful launch of its Vikram-1 rocket on July 18. The mission was India’s first privately developed orbital launch vehicle and represented a significant milestone for the country’s commercial space industry.
The successful mission provided a key validation of Skyroot’s launch technology and execution capabilities, while coming at a time when private investment in India’s space and deep-tech sectors is gaining momentum.
Founded in 2018 by former Indian Space Research Organisation (ISRO) scientists Pawan Kumar Chandana and Naga Bharath Daka, Skyroot is India’s first space-tech unicorn. The company is developing launch vehicles aimed at providing faster, more flexible and cost-effective launches for small satellites.
At $280-300 million, the proposed fundraise would rank among India’s largest institutional funding rounds of the year. Several of the country’s biggest funding rounds in 2026 have been concentrated in artificial intelligence and data-centre infrastructure, where companies require substantial upfront investment.
