AgniKul Cosmos, the ambitious spacetech startup based in Chennai, has achieved a significant milestone in its journey to the stars by securing a whopping Rs 200 crore (approximately $26.7 million) in its Series B funding round. This impressive feat reflects the company’s dedication to revolutionizing the space industry and propelling India into the forefront of the global space race.
The Series B funding round was backed by a consortium of investors, including Celesta Capital, Rocketship.vc, Artha Venture Fund, Artha Select Fund, and Mayfield India. Notably, existing investors, such as Pi Ventures and Speciale Invest, also demonstrated their continued support for AgniKul’s visionary mission.
This latest funding injection elevates AgniKul Cosmos to a new level, bringing its total funding to a remarkable $40 million. It’s worth mentioning that the company previously raised $11 million in a Series A round in March 2021, emphasizing its rapid progress and investor confidence.
The significant capital infusion from the Series B funding round will be pivotal in advancing AgniKul’s pioneering technology and accelerating its path to commercialization. Additionally, AgniKul plans to allocate these funds toward enhancing critical infrastructure, including the development of mobile launchpads and other essential test rigs.
Srinath Ravichandran, Co-founder and CEO of AgniKul, elaborated on the company’s evolving strategy, stating, “Our focus is shifting from singular rocket launches to a strategic approach aimed at scaling. We’re considering how to scale not just for one or a few rocket launches but for the next 25 or even 50 launches.” This visionary approach underscores AgniKul’s long-term commitment to transforming space access and affordability.
Established in 2017, AgniKul Cosmos is on a mission to design and build India’s first private small satellite rocket, known as Agnibaan. This innovative rocket boasts the capacity to carry payloads of up to 100 kg to low Earth orbits, reaching altitudes of up to 700 km. A standout feature of Agnibaan is its plug-and-play engine configuration, providing flexibility to precisely match the requirements of each unique mission.
While the specific valuation of AgniKul Cosmos following the Series B round remains undisclosed, industry estimates suggest a valuation of approximately $180 million. This valuation attests to the company’s impressive growth and potential to make significant strides in the competitive spacetech sector.
AgniKul’s journey is not without its competitors, with companies like Skyroot closely vying for prominence in the space industry. Skyroot, which focuses on developing small satellite launch vehicles, has raised $67 million to date and was valued at $165 million in September 2022. The healthy competition between AgniKul and its peers promises to drive innovation and progress in the spacetech landscape.
As the spacetech sector in India gains momentum, several startups are emerging as formidable players. AgniKul Cosmos faces competition from companies like Pixxel, Bellatrix, GlaxEye, Dhruva, Vesta Space, Digantara, InspeCity, and others, all working to advance space technology and exploration.
The space race in India has witnessed significant financial support, with startups like Digantara raising $10 million in Series A1 funding and Pixxel securing $36 million in a Series B round, including contributions from tech giant Google. Additionally, companies like Satsure and PierSight have raised substantial funding rounds in recent months, indicating the increasing investor interest in the spacetech sector.
In terms of financial performance, AgniKul is continuing to build its revenue streams. While the startup has not yet disclosed its financial figures for FY23, it was in the pre-revenue stage during FY22, with negligible revenue and reported losses of Rs 9 crore. In comparison, Skyroot, a five-year-old competitor, generated revenue of Rs 40 lakh while incurring losses of Rs 55 crore in FY23. These financial dynamics highlight the growth potential and investment opportunities in the Indian spacetech landscape.
AgniKul Cosmos’s remarkable progress in securing substantial funding and advancing its spacetech innovations showcases the company’s commitment to reshaping the future of space exploration. With an inspiring vision and strong investor support, AgniKul is poised to make a significant impact in India’s spacetech sector and beyond, contributing to the global pursuit of the stars.