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Skyroot Aerospace in talks to raise up to $300 million from Fidelity, General Catalyst and Benchmark: Report

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Skyroot Aerospace in talks to raise up to $300 million from Fidelity, General Catalyst and Benchmark: Report

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Skyroot Aerospace in talks to raise up to $300 million from Fidelity, General Catalyst and Benchmark: Report

The proposed funding could value the Hyderabad-based space-tech startup at up to $3 billion, nearly three times its previous valuation. Benchmark’s potential investment would also mark the VC firm’s first known direct bet on an Indian company.

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.

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.


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