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 numerous startups emerging to cater to the growing demand for satellite launch services. One such startup, Agnikul Cosmos, has been making waves in the industry 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 sector.
The funding round, which was led by new investors, reflects the growing interest in India’s commercial space sector. With deeptech momentum and increasing capital being invested in space ventures, Agnikul’s progress toward orbital launch milestones will be closely monitored by industry observers. The company’s mission to develop a reliable and cost-effective launch vehicle for small satellites has garnered significant attention, and the recent funding is expected to accelerate its development timeline.
Agnikul Cosmos was founded in 2017 by Srinath Ravichandran and Moin SPM, with the goal of developing a launch vehicle that could cater to the growing demand for small satellite launches. The company’s flagship product, the Agnibaan launch vehicle, is designed to carry payloads of up to 100 kg to low Earth orbit. With its modular design and customizable payload capacity, the Agnibaan is poised to disrupt the traditional launch vehicle market, which is dominated by large, expensive rockets.
The Indian space sector has been witnessing a significant transformation in recent years, with the government’s initiatives to promote private sector participation and encourage innovation. The establishment of the Indian National Space Promotion and Authorization Centre (IN–SPACe) has created a favorable regulatory environment for space startups, allowing them to access government resources and expertise. This has led to a surge in the number of space startups in India, with many of them focusing on developing launch vehicles, satellites, and other space-related technologies.
Agnikul Cosmos is one of the few Indian space startups that has made significant progress in developing a launch vehicle. The company has already conducted several successful tests of its engine and is on track to launch its first orbital mission soon. With the recent funding, Agnikul plans to accelerate its development timeline and launch its first commercial mission in the near future.
The Series C funding round, which was led by new investors, marks a significant milestone for Agnikul Cosmos. The company had previously raised funds from investors such as pi Ventures, Hari Kumar, and Artha Venture Fund, among others. The new funding will be used to further develop the Agnibaan launch vehicle and expand the company’s team.
The growing interest in India’s commercial space sector is reflected in the increasing number of investments being made in space startups. In recent years, several Indian space startups have raised significant funds from investors, including Skyroot Aerospace, which raised $11 million in Series A funding, and Satsearch, which raised $5 million in seed funding. These investments are a testament to the potential of the Indian space sector and the growing demand for space-related technologies.
Agnikul Cosmos’s progress toward orbital launch milestones will be closely monitored by industry observers. The company’s success will not only demonstrate the viability of its launch vehicle but also pave the way for other Indian space startups to follow in its footsteps. With the Indian government’s support and the growing interest in the commercial space sector, Agnikul Cosmos is well-positioned to play a significant role in shaping the future of the Indian space industry.
In conclusion, Agnikul Cosmos’s recent funding round is a significant development in the Indian space-tech industry. The company’s mission to develop a reliable and cost-effective launch vehicle for small satellites has garnered significant attention, and the recent funding is expected to accelerate its development timeline. As the Indian space sector continues to grow and evolve, Agnikul Cosmos is poised to play a key role in shaping its future.
Source: https://ascendants.in/business-stories/agnikul-cosmos-raises-150-crore-series-c-funding-space-tech/
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