Agnikul raises ₹150 crore to power India’s space-tech boom
The Indian space-tech industry has been gaining significant momentum in recent years, with several startups and companies making notable strides in the field. One such company that has been making waves is Agnikul Cosmos, a Chennai-based space startup that has been working on developing small satellite launch vehicles. In a significant development, Agnikul Cosmos has raised ₹150 crore in Series C funding, marking a major milestone in the company’s journey.
The funding round, which was led by new investors, reflects the growing interest in India’s commercial space sector. The investment is a testament to the potential of the space-tech industry in India, which is expected to play a crucial role in the country’s economic growth in the coming years. With this funding, Agnikul Cosmos plans to accelerate its development of small satellite launch vehicles, which will enable the company to launch satellites into orbit more efficiently and cost-effectively.
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 is the Agnibaan, a launch vehicle that is capable of carrying payloads of up to 100 kg into low Earth orbit. The Agnibaan is designed to be a highly efficient and cost-effective launch vehicle, with a unique modular design that allows it to be easily customized for different mission requirements.
The Series C funding round is a significant milestone for Agnikul Cosmos, as it will enable the company to take its development to the next level. The funding will be used to accelerate the development of the Agnibaan launch vehicle, as well as to build out the company’s team and infrastructure. With this investment, Agnikul Cosmos is well-positioned to become a major player in the Indian space-tech industry, which is expected to grow significantly in the coming years.
The Indian space-tech industry has been gaining momentum in recent years, driven by the government’s initiatives to promote the sector. The Indian Space Research Organisation (ISRO) has been at the forefront of the country’s space program, with notable achievements such as the successful launch of the Chandrayaan-1 mission to the Moon. However, in recent years, there has been a growing recognition of the need to promote private sector participation in the space industry, with the goal of creating a vibrant and sustainable ecosystem.
The government has taken several steps to promote the space-tech industry, including the establishment of the Indian National Space Promotion and Authorisation Centre (IN-SPACe). IN-SPACe is a single-window agency that is responsible for promoting and regulating the private space industry in India. The agency has been working to create a favorable environment for private sector companies to operate in, with initiatives such as the provision of funding and resources for startups and small businesses.
The growth of the space-tech industry in India is expected to have a significant impact on the country’s economy. The industry is expected to create new job opportunities, as well as to drive innovation and entrepreneurship. The space-tech industry is also expected to play a crucial role in driving economic growth, with applications such as satellite-based communications and navigation.
Agnikul Cosmos is one of several startups that are working to develop small satellite launch vehicles in India. The company’s progress toward orbital launch milestones will be closely monitored by industry observers, who are eager to see the company’s technology in action. With the Series C funding, Agnikul Cosmos is well-positioned to achieve its goals and become a major player in the Indian space-tech industry.
In conclusion, the ₹150 crore Series C funding raised by Agnikul Cosmos is a significant milestone for the company, and a testament to the growing interest in India’s commercial space sector. With this funding, Agnikul Cosmos is well-positioned to accelerate its development of small satellite launch vehicles, and to become a major player in the Indian space-tech industry. As the industry continues to grow and evolve, it will be exciting to see the progress that Agnikul Cosmos and other startups make in the field.
News Source: https://ascendants.in/business-stories/agnikul-cosmos-raises-150-crore-series-c-funding-space-tech/
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