In a significant milestone for India’s burgeoning spacetech industry, Agnikul Cosmos, a pioneering startup headquartered in Chennai, has successfully raised Rs 200 crore (approximately $26.7 million) in its Series B funding round. The investment, led by prominent backers including Celesta Capital, Rocketship.vc, Artha Venture Fund, Artha Select Fund, and Mayfield India, represents a substantial step forward in Agnikul’s quest to revolutionize access to space.
This latest funding injection brings Agnikul’s total capital raised to an impressive $40 million, building upon the $11 million secured during its Series A round in March 2021. The company is now poised to expand its cutting-edge technology for commercialization and invest in critical infrastructure such as mobile launchpads and advanced test rigs.
Evolving Strategy for Scalability
Agnikul’s co-founder and CEO, Srinath Ravichandran, outlined the company’s strategic shift, saying, “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.”
Founded in 2017, Agnikul is on a mission to develop India’s first private small satellite rocket, Agnibaan, designed to carry payloads of up to 100 kg to low Earth orbits reaching 700 km. The rocket’s unique plug-and-play engine configuration allows it to be customized precisely to meet the demands of various missions.
Leadership and Valuation
According to insights from startup data intelligence platform TheKredible, Ravichandran holds the largest stake in Agnikul, with a 14% ownership interest. While Agnikul has not officially disclosed its current valuation, TheKredible estimates suggest a valuation of approximately $180 million during the Series B funding round.
Competing in the Space Race
Agnikul faces fierce competition in the dynamic spacetech sector, with Skyroot emerging as one of its closest rivals. Skyroot has raised an impressive $67 million to date and was valued at $165 million as of September 2022. Other competitors in this high-stakes arena include Pixxel, Bellatrix, GlaxEye, Dhruva, Vesta Space, Digantara, and InspeCity.
Investment Landscape
Digantara recently secured $10 million in Series A1 funding in June, with investment support from Peak XV Partners and Kalaari Capital. Pixxel, on the other hand, raised a substantial $36 million during its Series B round, attracting new investors, including tech giant Google. The spacetech sector has witnessed significant investment activity, with Satsure and PierSight also raising fresh capital in August and September, respectively.
Financial Outlook
While Agnikul is yet to release its financial figures for FY23, the company reported being in the pre-revenue stage for FY22, with negligible revenue and a loss of Rs 9 crore. In comparison, Skyroot, a five-year-old player in the industry, reported a revenue of Rs 40 lakh but incurred significant losses, totaling Rs 55 crore in FY23.
Agnikul’s latest funding round positions the company at the forefront of India’s spacetech revolution, as it aims to redefine the nation’s capabilities in satellite launches and space exploration. With a clear vision and substantial backing, Agnikul Cosmos is poised for an exciting journey toward the stars.
