Agnikul Cosmos, a startup in space technology, secured $26.7 million from investors including investment firm Rocketship.vc and venture capital firm Celesta Capital.
Existing investors Mayfield, Artha Venture Fund, Pi Ventures, and Speciale Invest participated in the investment round as well.
The company, which has its headquarters in Chennai, intends to put the funds towards expanding its production and testing features as well as growing its workforce.
“The idea is to be able to configure the vehicle according to the customer demands, so they have the right pricing. All of our vehicles are highly configurable and that is what we believe will address the pain point of the market today, and that is how we want to position ourselves, because customers already have access to other vehicles,” cofounder and chief executive Srinath Ravichandran said.
“As India’s answer to SpaceX, Agnikul is poised to revolutionise the space industry not just domestically but globally. Led by Srinath, Moin and Prof. Satya, the team is super passionate and we wish them all the success in their first mission. An added pleasure for us has been the fact that Agnikul was born at IIT Madras, which is our alma mater,” said Sailesh Ramakrishnan, managing partner at Rocketship.vc.
About Agnikul Cosmos
Dedicated to designing, building, testing, and launching orbital class rockets specifically made for micro and nanosatellites, AgniKul is a space technology company. The National Centre for Combustion R&D at the Indian Institute of Technology Madras (IIT-Madras) is where they are based.
The AgniKul team is made up of rocket scientists, engineers, former bankers, and space lawyers, displaying a diverse range of knowledge and experiences. This distinctive group of people is regarded as a key advantage for the business. Their main goal is to help India become a more accessible and affordable place for everyone.