Agnikul Raises Rs 60 Crore to Fuel Expansion Plans
- Agnikul Cosmos secures Rs 60 crore in new funding after a two-year gap.
- Investment led by Advenza Global Ltd and Atharva Green Ecotech Pvt Ltd.
- Funds to support business expansion and working capital needs.
Chennai-based space-tech startup Agnikul Cosmos has raised Rs 60 crore ($6.7 million) in a new funding round, marking its first capital infusion in two years. The round saw equal participation of Rs 30 crore each from Advenza Global Ltd and Atharva Green Ecotech Pvt Ltd, according to regulatory filings.
As per the Registrar of Companies (RoC) documents, Agnikul issued 225 Series C1 compulsory convertible preference shares (CCPS) priced at Rs 13.33 lakh per share to both investors. The company stated that the fresh funds will be used to meet its strategic growth objectives, expand operations, and support working capital requirements.
Founded in 2017 by Srinath Ravichandran and Moin SPM, Agnikul is building customizable small satellite launch vehicles designed for cost-effective access to space. The startup gained significant attention with its Agnibaan rocket, featuring a 3D-printed engine, a first of its kind globally. Agnikul operates out of the National Center for Combustion R&D at IIT Madras.
The company last raised Rs 200 crore ($26.7 million) in its Series B round in 2022, led by Celesta Capital and Rocketship.vc, with participation from Artha Venture Fund, Artha Select Fund, and Mayfield India.
Also Read: Agnikul Targets Affordable Satellite Launches with Reusable Rockets
In FY24, Agnikul reported a revenue of Rs 9 crore and a loss of Rs 43 crore, while competitor Skyroot Aerospace posted Rs 29 crore in revenue and Rs 55 crore in losses.
With this fresh capital, Agnikul aims to strengthen its R&D and accelerate the development of next-generation launch vehicles for India’s growing space ecosystem.
