Agnikul Cosmos raises Rs 67 Cr in funding

Space tech startup Agnikul Cosmos has raised ₹67 crore (about $7.6 million) through a combination of equity and debt, its first big funding in more than two years.

The round saw participation from Advenza Global, Atharva Green Ecotech LLP, and Pratithi Investments.

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According to filings with the Registrar of Companies (RoC), Agnikul raised ₹60 crore through equity by issuing 450 CCPS shares to Advenza and Atharva at a face value of ₹10 and an issue price of ₹13.3 crore each, totaling ₹30 crore per investor. The remaining ₹7 crore was raised as debt through 70 lakh CCDs issued to Pratithi Investments.

Although the startup hasn’t shared exact plans for the new funds, they will likely be used to expand manufacturing, upgrade test facilities, and support upcoming commercial launches.

This new funding comes after Agnikul’s ₹200 crore Series B round in 2023, which was led by Celesta Capital, Rocketship.vc, and Artha Venture Fund, among others.

About Agnikul Cosmos

Founded in 2017 by Srinath Ravichandran and Moin SPM, the Chennai-based Agnikul Cosmos is building small rockets to make space access easier and cheaper. Its main rocket, Agnibaan, is a two-stage vehicle that can carry up to 300 kg to orbits around 700 km. The 18-meter-long rocket, 1.3 meters wide and weighing 14,000 kg at launch, is powered by the Agnilet engine, which the company says is the world’s first fully 3D-printed, single-piece semi-cryogenic rocket engine.

Earlier this year, Agnikul carried out several tests at its private launchpad and mission control center in Sriharikota, making it one of the few private Indian companies with an operational facility near ISRO. Its upcoming Agnibaan SOrTeD (Sub-Orbital Technological Demonstrator) mission is expected to pave the way for future commercial launches.

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Agnikul hasn’t yet released its FY25 numbers, but the Chennai-based startup reported ₹9 crore in revenue and losses of about ₹43 crore in FY24. Its competitor, Skyroot Aerospace, recorded ₹29 crore in revenue and losses of ₹55 crore in the same period.

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