Rocket startup Agnikul raises $26.7 million as it nears maiden launch
Funding for Agnikul comes at a time when it is working towards the maiden launch of Agnibaan, the startup’s privately-built small satellite rocket.
IIT Madras-incubated Agnikul Cosmos has raised $26.7 million in its Series B fundraise with Celesta Capital, Rocketship.vc, Artha Venture Fund & Artha Select Fund joining the captable. The round also saw participation from existing investors pi Ventures, Speciale Invest, Mayfield India and others.
Funding for Agnikul comes at a time when it is working towards the maiden launch of Agnibaan, the startup’s privately-built small satellite rocket. Powered by Agnilet, a single-piece 3D printed engine, the rocket is capable of carrying up to 100 kg of payload to low Earth orbits up to 700 km.
In pursuit of its maiden launch, Agnikul took a major step last November by setting up India’s first private space vehicle launch pad in Indian Space Research Organisation (ISRO)’s backyard in Andhra Pradesh's Sriharikota. Since August this year, the startup has been readying Agnibaan SOrTeD (SubOrbital Technological Demonstrator) for lift off from its launch pad at the Satish Dhawan Space Centre (SDSC).
Not only does Agnikul also hold the distinction of setting up India’s first private space vehicle launchpad and Mission Control Center, it has also set up India’s first private rocket engine factory. “We have come a long way in reaching incredible milestones with our technology, launchpad, mission control, and manufacturing facility,” said Srinath Ravichandran, Co-founder and CEO, Agnikul.
“With (new) 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 added.
Last November, Skyroot Aerospace launched India’s first-privately built rocket, while Pixxel, Dhruva Space and Digantara sent their test satellites aboard ISRO’s PSLVs. Agnikul is next in line.
The Chennai-based startup has raised about $40 million since inception in 2017. It is among India’s well-funded crop of spacetech startups, which have found the escape velocity to take off, fuelled by favourable policy and venture capital funding.
As of 2022, India has more than 100 space startups that have raised nearly $250 million in funding, fuelled by GIC-led $50 million round in Skyroot Aerospace, as per a report by the Indian Space Association (ISpA).
Funding surged since mid-2020 after ISRO and IN-SPACe (Indian National Space Promotion and Authorisation Centre) started encouraging spacetech startups. In August this year, the Indian Space Policy was released, opening the gates for greater participation from private players in a sector with ISRO as the gatekeeper.
“Agnikul's pursuit of innovative space solutions aligns with our investment focus on India’s leading-edge deep tech sectors,” said Arun Kumar, Managing Partner at Celesta Capital.
“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,” added Kumar.
India's space sector has the potential to grow from $8.4 billion currently to $44 billion in the next decade, as per a white paper released by IN-SPACe. Startups are expected to play a key role in bringing innovation.
Also Read:'NASA offered to buy ISRO space tech after Chandrayaan-3 success', says ISRO Chief S Somanath
(Edited by : Sangam Singh)
First Published: Oct 17, 2023 9:43 AM IST
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