Agnikul raises $17 Mn at $500 Mn valuation to scale launches and infra

Spacetech startup Agnikul Cosmos has raised about Rs 150 crore ($17 million) in a new funding round that values the company at about Rs 4,200 crore ($500 million), making it the one of the most valuable private spacetech firms in India.

The round saw participation from Advenza Global Limited, Atharva Green Ecotech LLP, HDFC Bank, Artha Select Fund, Prathithi Ventures, 100X VC, and several family offices.

Entrackr exclusively reported on Agnikul’s new funding round earlier this month.

Agnikul will use the capital to scale production of aerospace and rocket components, expand its stage recovery program, and strengthen its reusable launch architecture. This includes work on its recently granted patent that extends the operational life of upper stages. A part of the funds is earmarked for the company’s upcoming 350 acre integrated space campus in Tamil Nadu, which will house end-to-end manufacturing and testing facilities.

Founded in 2017 by Srinath Ravichandran and Moin SPM, Agnikul is developing customizable small satellite launch vehicles. The fundraise follows Agnikul’s controlled ascent test flight earlier this year with support from ISRO and IN SPACe, which validated several of its 3D printed engine technologies.

The company is now working on lower stage recovery features aimed at improving launch unit economics.

Co-founder and chief executive Srinath Ravichandran said the fresh capital enables Agnikul to accelerate launch frequency and advance programs focused on reusable small satellite vehicles.

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 competitors include Skyroot Aerospace, Pixxel, Bellatrix, GalaxEye, Dhruva, Vesta Space, Digantara, and InspeCity.