Chennai-based spacetech startup Agnikul Cosmos has raised Rs 200 crore ($26.7 million) in a Series B funding round, taking its total funds raised to $40 million.
The round saw participation from a host of investors, including Celesta Capital, and Rocketship.VC, Artha Venture Fund, Artha Select Fund, and existing backers like Pi Ventures and Speciale Invest.
What does Agnikul Cosmos specialize in?
Founded in 2017 by Srinath Ravichandran, Moin SPM, Satyanaryan Chakravarthy, and Janardhana Raju, and incubated at IIT Madras, Agnikul Cosmos focuses on manufacturing launch vehicles.
Their flagship product, Agnibaan, is a suborbital rocket designed to validate the startup’s technologies for commercial launches. The rocket is driven by Agnikul’s patented Agnilet, a fully 3D-printed, single-piece engine.
The startup aims to democratize space exploration by making it more accessible and cost-effective. CEO and co-founder, Srinath Ravichandran, emphasized the company’s shift from focusing on initial launches to strategizing for multiple launches annually.
How will the funds be utilized?
The fresh capital will be directed towards commercialization, investing in essential facilities like launchpads, and further infrastructure development.
The startup also plans to expand its team, with Ravichandran mentioning a potential increase from the current 225 employees to around 325 in the next year. Additionally, the funds will aid in enhancing quality operations and production.
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