Space technology startup Agnikul in its pre-series A funding has received a huge amount of Rs 23.4 crore fund from pi Ventures. The funding round was participated by Hari Kumar of LionRock Capital, Artha Ventures, LetsVenture, Globevestor, CIIE, and existing backer Speciale Invest.

pi Ventures is an early based investor that backs the startups which domains in artificial intelligence, Machine intelligence, and IoT.

Agnikul is looking forward to building a satellite launch vehicle with a payload upto 100 kgs The engine is fully 3D printed, making it an easier and easy

fabrication process that will be able to deliver launch vehicles within a short period of time.

The company will further use the funding to enable ground testing for satellites, fabrication and for the expansion of its workforce. The company is focusing on building a modular ultra-light and economical satellite launch vehicle for India.

Brought into existence by Srinath Ravichandran the company is working out of the National center for Combustion Research at IIT Madras. The team of Agnikul comprises Space lawyers, rocket engineers ex-bankers and others.

The Co-founder of the company said he started Agnikul with the dream of bringing space within everyone’s reach, the company is building nimble, reliable and modular rockets that put small satellites in space on demand.

Meanwhile, Manish Singhal of piVentures also believes that Agnikul can be an example of the world-class innovation coming from India. India has the potential and the talent to create world-beating IPs and products not just in the digital domain but beyond.

The Chennai based space-tech is said to be touching $350 billion globally with many other private players.