New Delhi, Nov. 24 -- Agnikul Cosmos has raised about Rs 150 crore (around $16.8 mn) in a new funding round that places the spacetech startup's valuation at nearly $500 million (around Rs 4,460 crore).
The round drew participation from family offices and institutional investors, including Advenza Global, Atharva Green Ecotech, HDFC Bank, Artha Select Fund, Prathithi Ventures and 100X.VC.
The company plans to use the capital for expanding production of rocket- and aerospace-components and advancing the company's stage recovery program. Agnikul is also setting up an integrated space campus on a 350-acre site allocated by the Tamil Nadu government. The facility will house design, manufacturing and testing operations under one location.
Agnikul Cosmos' chief executive Srinath Ravichandran said the company's earlier controlled ascent launch helped validate its technology with ISRO and IN-SPACe. He added that the new funds will support work on lower stage recovery, which would bring the rocket's first stage back after separation so it can be flown again. The company is also upgrading its upper stage to handle longer burns and more complex orbital drops, and it is building enough production and test capacity to increase launch frequency.
Agnikul plans to build out its reusable launch architecture as well, supported by a recently granted patent that extends the usable life of upper stages. The company says this is aimed at creating a recoverable small satellite launch vehicle.
"With growing demand and more than a dozen customers eager to launch with us, scaling our operational depth was the natural next step. The indigenous facility, which is planned near the upcoming launchpad of India, will equip us to serve these missions on schedule and with the responsiveness the market expects," said Moin SPM, co-founder and chief operating officer of Agnikul.
Agnikul has customers in India, the Middle East and Australia, giving it a spread of launch demand across multiple regions. "Agnikul is a standout example of the cutting edge deep tech innovation we see in India today," said Arun Kumar, managing partner, Celesta Capital.
The company recently added a large-format metal additive manufacturing unit that will allow it to use three-dimensional printing across more subsystems beyond engines.
"Agnikul's trajectory is a clear signal that India's private space industry has arrived, and the world is now watching closely. What excites us is their commitment to inventing technology that doesn't exist elsewhere," said Anirudh A. Damani, managing partner, Artha Select Fund.
"That ethos, coupled with disciplined execution, gives them a truly global edge. With this round, to which we've contributed our largest cheque yet through Artha Select Fund, we are reaffirming our belief in Agnikul playing a defining role in the future of orbital access," Damani added.
Published by HT Digital Content Services with permission from VC Circle.