Exclusive: Agnikul raises Rs 60 Cr in Series new round

Space-tech startup Agnikul Cosmos has raised Rs 60 crore ($6.7 million) in a fresh funding round after a gap of two years. The company secured Rs 30 crore each from Advenza Global Ltd and Atharva Green Ecotech Pvt Ltd.

According to regulatory filings sourced from the Registrar of Companies (RoC), the company has issued 225 Series C1 compulsory convertible preference shares (CCPS) at an issue price of Rs 13,33,393.74 per share to Advenza Global Ltd and Atharva Green Ecotech Pvt Ltd each.

The object of raising the investment is mainly to meet the strategic growth plans and expansion of its business, as well as to address working capital requirements, according to the regulatory filing.

Founded in 2017 by Srinath Ravichandran and Moin SPM, Agnikul is developing customizable small satellite launch vehicles. The startup gained attention for Agnibaan, its 3D-printed rocket engine, and operates from the National Center for Combustion R&D at IIT Madras.

Prior to this, Agnikul raised Rs 200 crore (around $26.7 million) in its Series B round in 2022 led by Celesta Capital and Rocketship.vc, Artha Venture Fund, Artha Select Fund, and Mayfield India.

While Agnikul is yet to file its FY25 numbers, the Chennai-based startup recorded Rs 9 crore revenue in FY24 with losses nearing Rs 43 crore in the same period. Its competitor, Skyroot Aerospace posted a revenue of Rs 29 crore while its losses touched Rs 55 crore in FY24.