Kathmandu. India’s private space sector has made a big breakthrough. Indian spacetech company Skyroot Aerospace has become India’s first ‘Spacetech Unicorn’ company with a valuation of more than one billion US dollars. The event is seen as a turning point for India’s fast-growing private space industry.

According to Indian media ‘The Times of India’, the company’s valuation has crossed one billion dollars after receiving huge international financial backing through a new investment round. With this, Skyroot has become India’s fourth unicorn company.

According to the report, Skyroot is working on private rocket technology for small satellite launches. It is claimed that the ‘Vikram’ series rockets developed by the company can be used for commercial satellite launches at a low cost. The growth of such companies has accelerated in recent years as the Indian government opened up the private sector to enter the space sector.

Experts have said that India’s space sector is no longer limited to just the government organization Indian Space Research Organization, but is transforming into a competitive market for private technology companies. India is expected to become an important hub in the global space market due to low cost, technical efficiency and international commercial demand.

To compete with China, the US and Europe, India has started prioritizing the private sector. Private investment is increasing rapidly, especially in the areas of satellite internet, defense technology, earth observation and space research.