Spacetech Startup Agnikul Cosmos Raises USD 17 Mn at USD 500 Mn Valuation

Chennai-based spacetech startup Agnikul Cosmos has raised about INR 150 crore (USD 17 million) in a fresh funding round that values the company at USD 500 million, placing it among the most valuable privately held spacetech firms in India.

The round saw participation from a mix of family offices and institutional investors including Advenza Global Limited, Atharva Green Ecotech LLP, HDFC Bank, Artha Select Fund, Prathithi Ventures and 100X.VC.

The company plans to channel the new capital into expanding production of aerospace components and boosting development of its stage recovery programme.

Part of the investment will also support the creation of Agnikul's upcoming integrated space campus on 350 acres allocated by the Tamil Nadu government. The facility is expected to house end to end manufacturing and testing units for launch vehicle systems, the firm said in a release.

Agnikul will additionally focus on advancing its reusable launch architecture following a recently granted patent aimed at extending the operational life of upper stages. The company said the innovation enhances prospects for reusability and cost effective access to orbit, moving it closer to building what it aims to be the world's first recoverable small satellite launch vehicle.

Founded in 2017 by Srinath Ravichandran and Moin SPM, Agnikul is developing customisable small satellite launch vehicles. The funding follows its controlled ascent test flight earlier this year, conducted 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 to strengthen launch economics.

Ravichandran said that the successful test earlier in the year has encouraged the team to expand its strategy. He noted that the new capital will support missions focused on improving stage recovery and increasing launch frequency.

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