Indian startup Agnikul Cosmos raises $17 million
The Chennai-based company will use the funding to scale production units of aerospace and rocket components and boost its stage-recovery programme. Some of the funds will be used to develop Agnikul’s upcoming integrated space campus in Tamil Nadu.
Indian space tech startup Agnikul Cosmos has announced that it has raised USD 17 million in a fresh funding round at a USD 500 million valuation.
The round saw participation from family offices and marquee institutional investors such as Advenza Global, Atharva Green Ecotech LLP, HDFC Bank, Artha Select Fund, Prathithi Ventures, and 100X.VC, according to a report by Business Standard.
The Chennai-based company said it will use the fresh funds to scale production units of aerospace and rocket components and boost its stage-recovery programme. Some of the funds will be used to develop Agnikul’s upcoming integrated space campus in the southern state of Tamil Nadu to build end-to-end facilities for manufacturing and testing of launch vehicle systems.
“Given our previous successful controlled ascent launch that allowed us to demonstrate all our patented technologies with ISRO [Indian Space Research Organization] and IN-SPACe [Indian National Space Promotion and Authorisation Centre] support, we have now been able to scale our strategy to include lower stage recovery and upper stage extension — features that will make the unit economics of launch services much better,” said Srinath Ravichandran, CEO and co-founder, AgniKul Cosmos, according to a report by The Hindu. “This fund raise allows us to work on such missions while also focusing on scaling launch frequency and building for the world, from India.”
The company will also use the fresh capital to bolster its reusable launch architecture, building on its recently granted patent that extends the operational life of upper stages.
