Chennai-based spacetech startup AgniKul Cosmos has successfully secured Rs 200 crore (approximately $26.7 million) in its Series B funding round. The funding comes from a consortium of prominent investors, including Celesta Capital, Rocketship.vc, Artha Venture Fund, Artha Select Fund, and Mayfield India. Notably, existing investors such as Pi Ventures and Speciale Invest also participated in this substantial round.
With this latest capital infusion, AgniKul Cosmos has now raised a total of $40 million in funding, underlining its growing significance in the spacetech industry. This funding milestone builds upon their earlier achievement of an $11 million Series A round in March 2021.
The startup's ambitious plans for the capital involve scaling its existing technology towards commercialization, coupled with strategic investments in critical infrastructure. These investments will include mobile launchpads and various test rigs, bolstering their operational capabilities.
Srinath Ravichandran, Co-Founder & CEO at AgniKul, highlighted the startup's motivation to expand their space tech endeavors and deliver global solutions from India with support from ISRO and investors.
"Capital infusions are always exciting, humbling, and also a huge source of motivation to go and get more work done. Humbled to announce our ~$27M series B fundraise that will help us look beyond the first few launches. Incredible work by the AgniKul Cosmos team in building new space tech hardware in the country. Given the support from ISRO & IN-SPACe for the ecosystem and the faith our investors have shown in what we are building, I truly believe we are on track to deliver world-class solutions for the entire global community from India," said Srinath Ravichandran,
When was AgniKul founded?
Founded in 2017, AgniKul Cosmos is pioneering India's first private small satellite rocket, named 'Agnibaan.' This innovative rocket is designed to carry payloads of up to 100 kilograms to low Earth orbits reaching altitudes of up to 700 kilometers. One of Agnibaan's standout features is its plug-and-play engine configuration, which can be precisely configured to meet the specific requirements of each mission. This flexibility is a game-changer in the rapidly evolving space industry.
Who are AgniKul Cosmos' Competitors in the Spacetech Sector?
AgniKul Cosmos faces stiff competition from companies like Skyroot, which has raised a substantial $67 million to date and was valued at $165 million in September 2022. The spacetech arena is teeming with competitors, and AgniKul's journey is no different. Notable rivals include Pixxel, Bellatrix, GlaxEye, Dhruva, Vesta Space, Digantara, and InspeCity.
Digantara, one of their competitors, raised $10 million in Series A1 funding in June, with investments from Peak XV Partners and Kalaari Capital. Meanwhile, Pixxel managed to secure $36 million in a Series B round from new investors, including tech giant Google. Satsure and PierSight also raised funds in August and September, respectively, further highlighting the rapid growth and innovation within the industry.
Financial Progress and Future Projections
Although AgniKul is yet to file its FY23 financial figures, data from the previous year, FY22, suggests the startup was in the pre-revenue stage as per media reports. During this period, it recorded negligible revenue and incurred a loss of Rs 9 crore. In contrast, Skyroot, which is five years old, reported revenue of Rs 40 lakh while its losses reached Rs 55 crore in FY23.
AgniKul Cosmos's latest Series B funding achievement signifies its growing influence in the spacetech sector. With a clear vision, strategic investments, and a commitment to scalability, the Chennai-based startup is poised for significant growth in the near future. As the spacetech industry continues to evolve and expand, AgniKul Cosmos stands at the forefront, driving innovation and ambition in India's private space launch sector.
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