Agnikul Cosmos Secures Rs 60 Crore in New Funding Round
Space-tech startup Agnikul Cosmos has successfully raised Rs 60 crore (approximately $6.7 million) in a new funding round following a two-year hiatus. The firm acquired Rs 30 crore each from Advenza Global Ltd and Atharva Green Ecotech Pvt Ltd.
According to regulatory filings obtained from the Registrar of Companies (RoC), Agnikul issued 225 Series C1 compulsory convertible preference shares (CCPS) at an issue price of Rs 13,33,393.74 per share to both Advenza Global Ltd and Atharva Green Ecotech Pvt Ltd. The primary purpose of this investment is to support strategic growth initiatives, business expansion, and address working capital needs, as stated in the regulatory documentation.
About Agnikul Cosmos
Founded in 2017 by Srinath Ravichandran and Moin SPM, Agnikul designs customizable small satellite launch vehicles. The startup has garnered attention due to its innovative 3D-printed rocket engine, Agnibaan, and operates out of the National Center for Combustion R&D at IIT Madras.
Investment History
Previously, Agnikul secured Rs 200 crore (around $26.7 million) during its Series B funding round in 2022, led by Celesta Capital and Rocketship.vc, along with contributions from Artha Venture Fund, Artha Select Fund, and Mayfield India.
Financial Overview
Although Agnikul has yet to report its financials for FY25, the Chennai-based startup recorded revenues of Rs 9 crore in FY24, with losses approaching Rs 43 crore during the same timeframe. In comparison, its competitor, Skyroot Aerospace, reported revenues of Rs 29 crore while its losses amounted to Rs 55 crore in FY24.