Agnikul Raises INR 200 Crore in Series B The round saw participation from Celesta Capital, Rocketship.vc, Artha Venture Fund and Artha Select Fund, Mayfield India, along with participation from existing investors pi Ventures, Speciale Invest, Mayfield India, among others
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Agnikul Cosmos, an IIT-Madras-based Indian space-tech startup, raised $26.7 million in Series-B fundraise. The round saw participation from noted venture capital investors such as Celesta Capital, Rocketship.vc, Artha Venture Fund and Artha Select Fund, Mayfield India, along with participation from existing investors pi Ventures, Speciale Invest, Mayfield India and others.
In August 2023, Agnikul commenced the integration process of its cutting-edge launch vehicle, Agnibaan SOrTeD (SubOrbital Technological Demonstrator), with its private launchpad located at Satish Dhawan Space Centre (SDSC) SHAR at Sriharikota. The vehicle was unveiled at Agnikul's Mission Control Center (AMCC) after being transported to the site. This significant step brings Agnikul closer to realizing its first controlled vertical ascent test, which would validate all technological building blocks necessary for complex orbital missions.
Agnikul has previously launched 'Agnilet', the world's first single-piece 3D printed engine fully conceived and manufactured in India, successfully test-firing it in early 2021 and marking a significant technology milestone for the company and securing a patent for its engine from the Government of India in 2022. Agnikul also inaugurated its one-of-a-kind factory dedicated to end-to-end 3D printing of rocket engines last year, representing an important step towards launch vehicle engine fabrication at scale. Additionally, Agnikul achieved the distinction of being the first company globally to design a rocket engine that can be 3D printed as a single, seamless piece of hardware.
"We have come a long way in reaching incredible milestones with our technology, launchpad, mission control, and manufacturing facility. 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." He further added that, "We are grateful to our investors for supporting us in this endeavor. The time is right for private players to take on a larger role, with the strong support of the Government and deep tech investors," said Srinath Ravichandran, co-founder and CEO of Agnikul.
Arun Kumar, Managing Partner at Celesta Capital said, "Agnikul's pursuit of innovative space solutions aligns with our investment focus on India's leading-edge deep tech sectors. We are excited to support their pioneering vision and innovative approach to modernizing and democratizing the space industry. Their mission underscores the spirit of collaboration amongst the Indian Space Research Organization, space regulators, and entrepreneurs in driving advancements within India's vibrant space-tech ecosystem."
Founded in 2017 by Srinath Ravichandran, Moin SPM, and Prof. SR Chakravarthy from IIT Madras, AgniKul became the first Indian firm to sign an agreement with the Indian Space Research Organisation (ISRO) in December 2020.
