Agnikul Cosmos Attracts Significant Funding for Spacetech Innovations

Spacetech company Agnikul Cosmos has successfully secured approximately Rs 150 crore ($17 million) in a recent funding round, elevating the company’s valuation to about Rs 4,200 crore ($500 million). This positioning makes Agnikul one of the top private spacetech enterprises in India. The funding round included contributions from notable participants such as Advenza Global Limited, Atharva Green Ecotech LLP, HDFC Bank, Artha Select Fund, Prathithi Ventures, 100X VC, along with multiple family offices. Startup Superb provided exclusive coverage of Agnikul’s funding updates earlier this month.

Strategic Use of Funding

The newly acquired capital will facilitate Agnikul in scaling the production of aerospace and rocket components, enhancing its stage recovery initiatives, and bolstering its reusable launch architecture. This development encompasses efforts on a recently granted patent that extends the operational lifespan of upper stages. A portion of the funds is allocated for the construction of an integrated space campus spanning 350 acres in Tamil Nadu, designed to include comprehensive manufacturing and testing facilities.

Innovative Launch Vehicle Development

Established in 2017 by Srinath Ravichandran and Moin SPM, Agnikul is focused on the design of customizable small satellite launch vehicles. This fundraising effort follows Agnikul’s successful controlled ascent test flight conducted earlier this year with collaboration from ISRO and IN SPACe, which validated numerous advancements in its 3D printed engine technologies. The company is currently progressing on lower stage recovery features aimed at optimising launch unit economics.

Co-founder and CEO Srinath Ravichandran highlighted that the new capital allows Agnikul to boost launch frequency and enhance projects centred on reusable small satellite vehicles. Although Agnikul has yet to submit its FY25 financial figures, records show the Chennai-based startup achieved a revenue of Rs 9 crore in FY24, accompanied by losses nearing Rs 43 crore within the same timeframe.

Competitive Landscape

Agnikul’s competitors in the market consist of firms such as Skyroot Aerospace, Pixxel, Bellatrix, GalaxEye, Dhruva, Vesta Space, Digantara, and InspeCity.