In a significant boost to India's space technology sector, IIT-Madras-based start-up Agnikul Cosmos has announced a successful Series B funding round, raising ₹200 crore (approximately $26.7 million). With contributions from esteemed venture capital investors, including Celesta Capital, Rocketship.vc, Artha Venture Fund, Artha Select Fund, and Mayfield India, along with existing investors like Pi Ventures and Speciale Invest, the start-up's total capital raised now stands at an impressive $40 million.
This substantial injection of funds will empower Agnikul Cosmos to further enhance its existing technology, moving closer to the commercialization of space technology. The company aims to invest in vital facilities, such as mobile launchpads and test rigs, crucial for accommodating the growing demand for on-demand space launches.
In August 2023, Agnikul Cosmos initiated the integration of its advanced launch vehicle, Agnibaan SOrTeD (SubOrbital Technological Demonstrator), on its private launchpad situated at the Satish Dhawan Space Centre (SDSC) SHAR in Sriharikota. This move marked a pivotal step towards realizing their first controlled vertical ascent test. This crucial test will validate all the technological components necessary for intricate orbital missions.
Srinath Ravichandran, Co-Founder and CEO of Agnikul, expressed his gratitude to the investors, stating, "With this 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."
In previous breakthroughs, the space tech start-up developed a one-of-a-kind single-piece 3D-printed engine, entirely conceived and manufactured in India. The successful testing of this engine in early 2021 marked a significant milestone for the company. Additionally, the Government of India awarded the start-up a patent for its innovative engine in 2022.
Arun Kumar, Managing Partner at Celesta Capital, emphasized their enthusiasm for supporting Agnikul Cosmos and its vision of transforming and democratizing the space industry. He highlighted the mission's synergy with the collaborative spirit among key stakeholders in India's vibrant space-tech ecosystem, including the Indian Space Research Organisation and space regulators.