Rocketship provides $20 million in funding for Agnikul at $180 million valuation
- ByStartupStory | November 7, 2022
According to sources, the Silicon Valley-based venture capital (VC) firm Rocketship.vc and an existing investor have invested $20 million in the space tech startup Agnikul, which was incubated at IIT Madras. The VC firm will close its third fund in July 2022 with a corpus of $125 million. Numerous Indian firms, including Khatabook, Jar, and Teachmint, have received funding from Rocketship.vc.
According to the sources, Agnikul’s pre-money valuation has increased by 5 times to $180 Mn due to the recent fund round. When Agnikul raised $11 M in its Series A fundraising round last year, its previously announced valuation was $35 M.
The Chennai-based business was seeking to earn $40 Mn as part of its Series B fundraising round at a valuation of $250 Mn, according to an earlier report. Agnikul is in discussions with numerous investors, including HNIs and family offices, for the fundraiser. Still, one of the sources informed Inc42 that for the time being, it has only been able to obtain a valuation of $180 Mn.
Agnikul, a startup founded in 2017 by Srinath Ravichandran and Moin SPM, is the first business to sign a contract with the Indian Space Research Organisation (ISRO) as part of the Indian government’s IN-SPACe initiative in order to utilise the space agency’s resources and expertise to develop Agnibaan.
The Agnibaan rocket provides a plug-and-play configuration and has a 100 kg payload limit for low-earth orbits. This on-demand rocket can be completely customised at a low cost to satisfy the customer’s specifications. The rocket was created in-house by the rocket scientists and engineers at Agnikul.
The venture is supported by well-known IT investors and businessmen like Nithin Kamath, CEO of Zerodha, Naval Ravikant, Balaji Srinivasan, and Andreessen Horowitz general partner Sriram Krishnan. Mayfield India served as the round’s lead investor.
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