- Participating investors include Celesta Capital, Rocketship.vc, Mayfield India, Artha Venture Fund & Artha Select Fund, along with participation from existing investors pi Ventures, Speciale Invest, Mayfield India and others
- The new capital will be used for scaling towards Agnikul’s first set of commercial launches and building of key launch infrastructure.
Chennai, October 17, 2023: Agnikul Cosmos, an IIT-Madras-based Indian space-tech startup democratizing space exploration by making it accessible and cost-effective, has announced the successful closure of its Series-B fundraise of $26.7 million, increasing its total capital raised to date to $40 million. The round saw participation from noted venture capital investors such as Celesta Capital, Rocketship.vc, Artha Venture Fund and Artha Select Fund, Mayfield India, along with participation from existing investors pi Ventures, Speciale Invest, Mayfield India and others. Having validated its key technologies, Agnikul plans to utilize the capital to scale its existing technology towards commercialization, as well as invest in key facilities such as mobile launchpads and other test rigs necessary for addressing launch-on-demand customer needs.
In August 2023, Agnikul commenced the integration process of its cutting-edge launch vehicle, Agnibaan SOrTeD (SubOrbital Technological Demonstrator), with its private launchpad located at Satish Dhawan Space Centre (SDSC) SHAR at Sriharikota. The vehicle was unveiled at Agnikul’s Mission Control Center (AMCC) after being transported to the site. This significant step brings Agnikul closer to realizing its first controlled vertical ascent test, which would validate all technological building blocks necessary for complex orbital missions.
Agnikul has previously launched ‘Agnilet’, the world’s first single-piece 3D printed engine fully conceived and manufactured in India, successfully test-firing it in early 2021 and marking a significant technology milestone for the company and securing a patent for its engine from the Government of India in 2022. Agnikul also inaugurated its one-of-a-kind factory dedicated to end-to-end 3D printing of rocket engines last year, representing an important step towards launch vehicle engine fabrication at scale. Additionally, Agnikul achieved the distinction of being the first company globally to design a rocket engine that can be 3D printed as a single, seamless piece of hardware.
Reflecting on the fundraise, Srinath Ravichandran, Co-founder and CEO of Agnikul, said, “We have come a long way in reaching incredible milestones with our technology, launchpad, mission control, and manufacturing facility. 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.” He further added that, “We are grateful to our investors for supporting us in this endeavor. The time is right for private players to take on a larger role, with the strong support of the Government and deep tech investors.”
Speaking on the new investment, Arun Kumar, Managing Partner at Celesta Capital said, “Agnikul’s pursuit of innovative space solutions aligns with our investment focus on India’s leading-edge deep tech sectors. We are excited to support their pioneering vision and innovative approach to modernizing and democratizing the space industry. Their mission underscores the spirit of collaboration amongst the Indian Space Research Organization, space regulators, and entrepreneurs in driving advancements within India’s vibrant space-tech ecosystem.”
Anirudh A Damani, Fund Manager, Artha Venture Fund, said, “From our early days with Agnikul, it’s been a thrilling journey. Now, seeing them draw such esteemed investors showcases not just their current achievements but hints at the groundbreaking feats on the horizon in the spacetech sector. Doubling our investment isn’t merely a financial move—it’s a ringing endorsement of our faith in Agnikul’s prowess. We’re all in, eager to see—and support—every giant leap they make in reshaping space exploration.”
Sailesh Ramakrishnan, Managing Partner, Rocketship.vc, said, “As India’s answer to SpaceX, Agnikul is poised to revolutionize the space industry not just domestically but globally. Led by Srinath, Moin and Prof. Satya, the team is super passionate and we wish them all the success in their first mission. An added pleasure for us has been the fact that Agnikul was born at IIT Madras, which is our Alma Mater”
Founded in 2017 by Srinath Ravichandran, Moin SPM, and Prof. SR Chakravarthy from IIT Madras, Agnikul’s goals accord with the Prime Minister’s mission of self-reliance (Atmanirbhar) in the realm of space technology. AgniKul became the first Indian firm to sign an agreement with the Indian Space Research Organisation (ISRO) in December 2020. This pioneering agreement was facilitated under the IN-SPACe initiative, granting Agnikul unprecedented access to ISRO’s profound expertise and cutting-edge facilities. These resources are instrumental in the realization of Agnikul’s ambitious projects, including the Agnibaan launch vehicle and its associated launchpads.
