IIT-Madras-based space-tech start-up Agnikul Cosmos has raised a Series B funding round of ₹200 crore ($26.7 million), increasing its total capital raised to date to $40 million.
The round saw participation from noted venture capital investors including Celesta Capital, Rocketship.vc, Artha Venture Fund, Artha Select Fund, and Mayfield India, along with participation from existing investors Pi Ventures, Speciale Invest, Mayfield India, and others.
The start-up plans to utilise the capital to scale its existing technology towards commercialisation and invest in key facilities such as mobile launchpads and other test rigs necessary for addressing launch-on-demand customer needs, it said.
In August 2023, it commenced the integration process of the advanced launch vehicle, Agnibaan SOrTeD (SubOrbital Technological Demonstrator), with its private launchpad located at Satish Dhawan Space Centre (SDSC) SHAR at Sriharikota. According to the company, this significant step brings them closer to realising its first controlled vertical ascent test, which would validate all the technological building blocks necessary for complex orbital missions.
Srinath Ravichandran, Co-Founder and CEO of Agnikul, said, “With this capital, we will continue to drive our technology forward, building facilities and testing systems that we need to deliver a reliable product for our customers. We are grateful to our investors for supporting us in this endeavour.”
Previously, the space tech start-up launched a single-piece 3D-printed engine fully conceived and manufactured in India, successfully testing it in early 2021, marking a significant technology milestone for the company and securing a patent for its engine from the Government of India in 2022.
Arun Kumar, Managing Partner at Celesta Capital, said, “We are excited to support their pioneering vision and innovative approach to modernising and democratising the space industry. Their mission underscores the spirit of collaboration amongst the Indian Space Research Organisation, space regulators, and entrepreneurs in driving advancements within India’s vibrant space-tech ecosystem.”
Published on October 17, 2023
