In an exciting development in space technology, Chennai-based spacetech startup Agnikul Cosmos has successfully raised Rs 200 crore ($26.7 million) in its Series B funding round. Contributions from esteemed investors, including Celesta Capital Rocketship.VC, Artha Venture Fund, Artha Select Fund, and Mayfield India. Existing investors Pi Ventures and Speciale Invest joined this latest funding round.
The Series B funding round brings Agnikul Cosmos’ total funding to an impressive $40 million, marking a significant milestone in the startup’s journey. This latest achievement follows their $11 million Series A round in March 2021, which garnered substantial attention in the burgeoning space tech industry.
Agnikul Cosmos, led by its visionary co-founder and CEO, Srinath Ravichandran, plans to leverage this capital infusion to advance its cutting-edge technology towards commercialization. In addition, the company aims to invest in critical infrastructure, including mobile launchpads and various test rigs, as highlighted in a recent press release.
Ravichandran shared the startup’s strategic shift, 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 bold ambition underscores Agnikul Cosmos’ determination to play a pivotal role in the future of space exploration.
Founded in 2017, Agnikul Cosmos has been diligently working on developing Agnibaan, India’s first private small satellite rocket. This innovative rocket can carry payloads of up to 100 kg to low Earth orbits as far as 700 km. What sets Agnibaan apart is its plug-and-play engine configuration, which can be tailored to match the specific requirements of each mission.
While Agnikul Cosmos did not disclose its latest valuation in the Series B round, estimates from TheKredible suggest a valuation of around $180 million. This valuation reflects the immense potential and promise that Agnikul Cosmos holds in the rapidly expanding space tech sector.
Agnikul Cosmos faces competition from notable players in the space tech arena, with Skyroot being one of its closest rivals. Skyroot has raised $67 million and is valued at $165 million in September 2022. The competition also includes Pixxel, Bellatrix, GlaxEye, Dhruva, Vesta Space, Digantara, and InspeCity, making the space industry dynamic and competitive.
Digantara, one of Agnikul’s competitors, secured $10 million in Series A1 funding in June, with investments from Peak XV Partners and Kalaari Capital. Pixxel, another contender in the space industry, successfully raised $36 million in a Series B round from new investors, including Google. Notably, Satsure and PierSight secured new funding rounds in August and September, respectively, indicating the growing interest and investment in space technology ventures.
It’s important to note that while Agnikul Cosmos has yet to file its FY23 financial numbers, the startup was in the pre-revenue stage as of FY22, when it reported negligible revenue with a loss of Rs 9 crore. In comparison, Skyroot, a five-year-old player in the industry, reported an income of Rs 40 lakh, with losses amounting to Rs 55 crore in FY23.
As Agnikul Cosmos continues its journey to transform the space tech landscape with its innovative and adaptable rocket technology, it remains an exciting startup to watch in the ever-evolving world of space exploration and satellite deployment. The successful Series B funding round is a testament to the confidence and support it has garnered from investors, making it a frontrunner in the race to the stars.
