New Delhi, May 7 -- Skyroot Aerospace has secured $60 million in capital at a pre-money valuation of $1.1 billion, pushing the Hyderabad-based launch vehicle startup into unicorn area and displaying the investor confidence in India's privately-owned space sector.

The round was co-led by GIC, Singapore's state-owned sovereign wealth fund, and Sherpalo Ventures, the firm run by Ram Shriram, an early Google investor and a Silicon Valley figure. Shriram will join Skyroot's board, showing his strong commitment to the venture.

"I've believed in the Skyroot team since the early days, and that conviction has only deepened as the team marches forward to the launchpad with Vikram-1, India's first private orbital-class rocket," he said in a statem...