Spacetech Startup Agnikul Cosmos Raises INR 200 Crore in Series B Funding

• ByStartupStory     |    October 17, 2023

Indian spacetech startup Agnikul Cosmos has successfully raised INR 200 crore (approximately $26.7 million) in a Series B funding round, increasing its total capital raised to date to $40 million. This funding round saw enthusiastic participation from a range of investors, including Celesta Capital, rocketship.vc, Artha Venture Fund, Artha Select Fund, and Mayfield India, along with existing investors such as Pi Ventures and Speciale Invest.

Agnikul Cosmos, founded in 2017 by Srinath Ravichandran and Moin SPM and incubated at the Indian Institute of Technology, Madras, has made substantial progress in the development of its space technologies. With this new injection of funds, the startup plans to scale its existing technology towards commercialization and invest in essential facilities like mobile launchpads and test rigs. These investments are geared toward addressing the growing demand for on-demand rocket launches.

Srinath Ravichandran, Co-founder and CEO of Agnikul Cosmos, emphasized the company’s shift from singular rocket launches to a strategic approach focused on scaling. He stated, “We’re considering how to scale not just for one or a few rocket launches, but for the next 25 or even 50 launches.”

Arun Kumar, Managing Partner at Celesta Capital, highlighted the alignment of Agnikul’s space solutions with their investment focus on India’s cutting-edge deeptech sectors. He underlined the significance of Agnikul’s mission in advancing India’s space-tech ecosystem by collaborating with organizations like the Indian Space Research Organisation.

Agnikul Cosmos reached a significant milestone in August 2023 when it began integrating its cutting-edge launch vehicle, Agnibaan SOrTeD (SubOrbital Technological Demonstrator), with its private launchpad at the Satish Dhawan Space Centre (SDSC) SHAR in Sriharikota. This achievement has propelled the company closer to its inaugural controlled vertical ascent test, a crucial step for complex orbital missions. Agnibaan, designed for small satellite launches, will be capable of carrying payloads of up to 100 kg to low Earth orbits of up to 700 km. The vehicle’s plug-and-play engine configuration enhances its versatility for different mission requirements.

Srinath Ravichandran explained that the company’s immediate plan is to achieve its first rocket launch by the end of the year. Beyond that, they aim to focus on scaling up operations, with the goal of conducting at least one, possibly two, launches per month. Agnikul also intends to work on technologies that will further enhance its business model.

Agnikul Cosmos has previously achieved several notable milestones, including the successful test-firing of ‘Agnilet,’ the world’s first single-piece 3D printed rocket engine fully conceived and manufactured in India. The company secured a patent for its engine from the Government of India in 2022. Last year, Agnikul inaugurated its factory dedicated to end-to-end 3D printing of rocket engines, emphasizing the fabrication of launch vehicle engines at scale. Additionally, the company stands out as the first globally to design a rocket engine that can be 3D printed as a single, seamless piece of hardware.

Discussing scalability and trends in the deeptech sector, Srinath mentioned that the sector’s fundraising dynamics differ from established norms, with a distinct focus on innovation and technological advancements. He acknowledged that navigating scalability presents a unique set of challenges, including manufacturing larger volumes and implementing robust systems for quality assurance, inventory management, and tracking. Agnikul plans to utilize the newly acquired funds for team expansion, process and infrastructure improvement, and strategic investments to fuel its scalability initiatives.

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