Agnikul raises ₹150 crore to power India’s space-tech boom
The Indian space sector has been gaining significant momentum in recent years, with several startups and companies making notable strides in the field. One such company, Agnikul Cosmos, has been making waves with its innovative approach to developing small satellite launch vehicles. In a recent development, the Chennai-based space startup has raised ₹150 crore in Series C funding, marking a significant milestone in its journey to revolutionize the Indian space industry.
The funding round, which attracted new investors, reflects the growing interest in India’s commercial space sector. With the Indian government’s increasing focus on promoting the space industry, both private and public players are investing heavily in space technology. Agnikul Cosmos, with its cutting-edge technology and vision to make space accessible, has been at the forefront of this movement.
Agnikul Cosmos was founded in 2017 by Srinath Ravichandran and Moin SPM, with the goal of developing a launch vehicle that could carry small satellites into orbit. The company’s flagship product, the Agnibaan, is a modular launch vehicle designed to be highly efficient and cost-effective. With its unique design and advanced technology, the Agnibaan has the potential to significantly reduce the cost of access to space, making it an attractive option for satellite operators and other space industry players.
The ₹150 crore funding raised by Agnikul Cosmos will be used to further develop the Agnibaan launch vehicle and prepare it for orbital launch milestones. The company has already made significant progress in testing its technology and has successfully demonstrated its capabilities in several trials. With the new funding, Agnikul Cosmos is poised to take its technology to the next level and establish itself as a major player in the Indian space industry.
The investment in Agnikul Cosmos is not just a vote of confidence in the company, but also a reflection of the growing interest in India’s commercial space sector. The Indian government has been actively promoting the space industry, with initiatives such as the Indian Space Promotion and Authorisation Centre (IN–SPACe) and the New Space India Limited (NSIL). These initiatives have created a favorable ecosystem for space startups and companies to thrive, and investors are taking notice.
The deeptech momentum in India is also a significant factor contributing to the growth of the space industry. With the increasing availability of funding and resources, startups and companies are able to develop and commercialize new technologies, including those related to space. Agnikul Cosmos, with its innovative approach to launch vehicle development, is a prime example of this trend.
As Agnikul Cosmos continues to make progress toward its orbital launch milestones, industry observers will be closely monitoring its progress. The company’s success has the potential to not only establish it as a major player in the Indian space industry but also contribute to the growth of the global space sector. With its cutting-edge technology and vision to make space accessible, Agnikul Cosmos is poised to play a significant role in shaping the future of the space industry.
In conclusion, the ₹150 crore funding raised by Agnikul Cosmos is a significant milestone for the Indian space industry. The company’s innovative approach to launch vehicle development and its vision to make space accessible have made it an attractive investment opportunity. As the Indian space sector continues to grow and evolve, Agnikul Cosmos is well-positioned to play a major role in its development. With the increasing focus on space technology and the growing interest in the commercial space sector, the future of the Indian space industry looks bright, and Agnikul Cosmos is at the forefront of this movement.
Source: https://ascendants.in/business-stories/agnikul-cosmos-raises-150-crore-series-c-funding-space-tech/
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