Agnikul Announces Rs. 200 Crore Series B Fundraise

Agnikul Cosmos, an Indian space-tech startup originating from IIT-Madras, which aims to democratize space exploration by making it more accessible and cost-effective, has recently concluded its Series-B fundraise, amassing a substantial $26.7 million. This has brought the total capital raised by the company to $40 million. Major investors in this round included Celesta Capital, Rocketship.vc, Artha Venture Fund, Artha Select Fund, and Mayfield India, along with existing supporters like pi Ventures, Speciale Invest, and Mayfield India. The freshly acquired funds will be allocated towards Agnikul’s initial commercial launches and the development of crucial launch infrastructure.

Agnikul reached a significant milestone in August 2023 when it commenced the integration process of its advanced launch vehicle, Agnibaan SOrTeD (SubOrbital Technological Demonstrator), with its private launchpad at the Satish Dhawan Space Centre (SDSC) SHAR in Sriharikota. This brings Agnikul one step closer to its inaugural controlled vertical ascent test, a crucial phase that validates all technological prerequisites for complex orbital missions.

Previously, Agnikul achieved acclaim by launching ‘Agnilet’, the world’s first single-piece 3D printed engine conceived and manufactured in India. This accomplishment was followed by the inauguration of a unique factory dedicated to end-to-end 3D printing of rocket engines, a major stride towards large-scale production of launch vehicle engines. Additionally, Agnikul achieved a global first by designing a rocket engine that can be 3D printed as a single, seamless piece of hardware.

Srinath Ravichandran, Co-founder and CEO of Agnikul, expressed gratitude to the investors, emphasizing that with this capital injection, the company is poised to drive its technology forward and develop the necessary infrastructure to deliver reliable products to its customers. He noted the opportune moment for private players to take on a more significant role, with strong support from the Government and deep tech investors.

Arun Kumar, Managing Partner at Celesta Capital, highlighted that Agnikul’s innovative approach to space solutions aligns with their investment focus on India’s leading-edge deep tech sectors. He expressed excitement in supporting Agnikul’s vision to modernize and democratize the space industry, emphasizing its collaborative spirit with Indian Space Research Organization (ISRO) and other entities in India’s space-tech ecosystem.

Anirudh A Damani, Fund Manager at Artha Venture Fund, commended Agnikul’s progress, stating that doubling their investment is a testament to their faith in Agnikul’s capabilities and potential groundbreaking feats in the space tech sector.

Sailesh Ramakrishnan, Managing Partner at Rocketship.vc, drew parallels between Agnikul and SpaceX, highlighting their potential to revolutionize the global space industry. He expressed confidence in the team’s passion and wished them success in their upcoming missions.

Founded in 2017 by Srinath Ravichandran, Moin SPM, and Prof. SR Chakravarthy from IIT Madras, Agnikul’s mission aligns with the Prime Minister’s Atmanirbhar Bharat initiative, focusing on self-reliance in space technology. In December 2020, AgniKul became the first Indian company to sign an agreement with ISRO under the IN-SPACe initiative, providing them unprecedented access to ISRO’s expertise and facilities, crucial for realizing ambitious projects like the Agnibaan launch vehicle and its associated launchpads.