Agnikul is in talks to raise $40 million in the Biggest Spacetech Funding round
- ByStartupStory | July 13, 2022
Agnikul, a space-tech firm incubated at IIT Madras, is in talks to raise $40 million in a Series B round at a valuation of $250 million, according to sources familiar with the situation.
Last year, the Chennai-based startup raised $11 million in Series A funding at a reported valuation of $35 million. When completed, Agnikul’s latest fundraise will be the largest investment round by a private space-tech company in India to date.
Another source said that HNIs may participate in Agnikul’s ongoing fundraising, as they did in the previous round. “This could propel Agnikul to become India’s most valuable space-tech startup,” the source added.
Agnikul recently established a rocket factory in Chennai to manufacture end-to-end 3D printed engines. High-profile tech investors and entrepreneurs such as Andreessen Horowitz’s General Partner, Sriram Krishnan, Naval Ravikant, Balaji Srinivasan, billionaire Anand Mahindra, and Zerodha CEO Nithin Kamath have backed the space-tech firm. Mayfield India led its Series A funding round.
The Agnibaan rocket is a plug-and-play rocket capable of carrying up to 100 kg of payload to low-Earth orbit. Agnikul successfully tested the world’s first single-piece, fully 3D-printed rocket engine, Agnilet, last year. It claims to be the world’s first company to design a semi-cryogenic rocket that can be built as a single piece of hardware using 3D printing technology.
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About Agnikul :
Agnikul, which was founded in 2017 by Srinath Ravichandran and Moin SPM, is also the first startup to sign an agreement with the Indian Space Research Organisation (ISRO) under the recently announced IN-SPACe initiative to gain access to the space agency’s expertise and facilities in order to build Agnibaan.
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