Space startup Agnikul Cosmos has raised Rs 150 crore in a fresh funding round at a valuation of over half a billion dollars. The space-tech company said that it will use the fresh capital to build reusable launch vehicles.
The fundraising round saw participation from institutional investors and family offices, including Advenza Global Limited, Atharva Green Ecotech LLP, HDFC Bank, Artha Select Fund, Prathithi Ventures, and 100X.VC.
“This fund raise allows us to work on such missions while also focusing on scaling launch frequency and building for the world, from India,” Srinath Ravichandran, CEO and Co-founder, AgniKul Cosmos, said.
Agnikul fund utilisation and expansion plans
In a statement, Agnikul Cosmos said that it will deploy this capital to scale production units of aerospace and rocket components and advance its stage-recovery programme. The company added that it will also utilise the fresh funds to strengthen its reusable launch architecture, building on its recently granted patent that extends the operational life of upper stages.
A portion of the funds is earmarked for the development of Agnikul’s upcoming integrated space campus on the 350 acres allocated by the Tamil Nadu government. This campus will be used for building end-to-end facilities for the manufacturing and testing of launch vehicle systems, the company added.
“With growing demand and more than a dozen customers eager to launch with us, scaling our operational depth was the natural next step. The indigenous facility, which is planned near the new upcoming launchpad of India, will equip us to serve these missions on schedule and with the responsiveness the market expects,” Moin S P M, Co-founder and COO of Agnikul, said.
Agnikul Cosmos’ business
IIT-Chennai incubated Agnikul demonstrated a sub-orbital rocket launch last year and plans to place small satellites into low Earth orbit using its 3D-printed Agnibaan rocket next year. The startup is also working on recovering the lower stage of the launch vehicle, which could be reused for subsequent missions.
Agnikul claims to have customers spanning India, the Middle East, and Australia and aims to meet a globally distributed launch demand, cementing India’s emerging leadership in the spacetech sector.
Recently, Agnikul also announced its new large-format metal additive manufacturing unit, which will enable it to utilise 3D printing for multiple subsystems beyond its engines.
