Spacetech startup Agnikul Cosmos raises $17M funding

Agnikul Cosmos, a spacetech startup has raised $17 million (close to Rs 150 crore) in a round at a valuation of $500 million. 

The funding round included participation from family offices and institutional investors, including Advenza Global Limited, Atharva Green Ecotech LLP, HDFC Bank, Artha Select Fund, Prathithi Ventures, and 100X.VC. 

The funds will help the company with its upcoming launches, its stage-recovery program, and the development of its 350-acre space campus provided by the Tamil Nadu government.

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“Given our previous successful controlled ascent launch that allowed us to demonstrate all our patented technologies with ISRO and IN-SPACe support, we have now been able to scale our strategy to include lower stage recovery and upper stage extension. This fund raise allows us to work on such missions while also focusing on scaling launch frequency and building for the world from India “ said Srinath Ravichandran, CEO and Co-founder, AgniKul Cosmos.

“Agnikul is at the right place at the right time, poised to meet the enormous unmet demand for low-earth orbit satellites both globally and domestically, and pursuing this market with a singularly innovative approach. Agnikul is a standout example of the cutting edge deep tech innovation we see in India today,” Arun Kumar, Managing Partner, Celesta Capital. 

About Agnikul Cosmos

Founded in 2017 by IIT-Madras alumni Srinath Ravichandran and Moin SPM, Agnikul recently announced a large metal 3D-printing unit that will let it manufacture many rocket parts, not just engines, using additive manufacturing. The startup is creating the world’s first single-piece 3D-printed rocket engines and aims to offer complete space-transport solutions.

The company, which has customers in India, the Middle East, and Australia, will also use the new funds to improve its reusable launch systems, supported by its new patent that helps extend the life of upper rocket stages.

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