Agnikul Cosmos funding

agnikul cosmos funding

Spacetech startup Agnikul Cosmos announced that it has raised $11 million in its Series A funding round led by Mayfield India, along with participation from existing investors including pi Ventures, Speciale Invest, and Artha Venture Fund.

Besides this, the round also had participation from BEENEXT, Globevestor, LionRock Capital, and a clutch of angel investors including Anand Mahindra, Naval Ravikant, Balaji Srinivasan, Nithin Kamath, Abhishek Singhania, Aarthi Ramamurthy, and Sriram Krishnan, Anicut Angel Fund, and LetsVenture, among others.

In an official statement, the Chennai-based startup revealed that post-funding, Mayfield India’s managing partner Vikram Godse will be joining the board of Agnikul Cosmos.

Srinath Ravichandran, Co-founder, and CEO of Agnikul explained that the funding will be essentially used for strengthening its team and scaling up its technology and infrastructure.

In a statement, Vikram Godse, Managing Partner at Mayfield India, said, “Agnikul is democratizing access to space for the small satellite market, which is largely underserved globally. The team’s customer-centric approach combined with their ability to constantly innovate will help them stay ahead of the competition and build a global success story. We are excited to back Srinath and Moin on their journey to space.”

Before this, Agnikul had raised $3.1 million in its Pre-Series A funding in March 2020 and the seed round of funding from Speciale Invest in 2019.

Founded in 2017 by Srinath Ravichandran, Moin SPM, and Prof SR Chakravarthy, Agnikul Cosmos is involved in building India’s private small satellite launch vehicle. Its core product, Agnibaan, is a smallsat launch vehicle capable of carrying up to 100 kg of payload to Low Earth orbits. 

“Due to the COVID-19 situation, there have been a few delays but we are looking to launch our first mission in the second half of next year,” said Srinath.

Commenting on operations amid the pandemic, the co-founders said that the startup has temporarily halted all of its liquid oxygen-based testings to ensure oxygen delivery to people across the country amid the pandemic. 

“Apart from this, both of us are also connecting people to the vendors we worked with for oxygen whenever they reach out to us. We are trying to help in whichever way we can,” the co-founders explained.

Moin revealed that earlier this year, the startup had test-fired the world’s first 3D printed rocket engine Agnilet and more such tests are scheduled for this year.

“In the next two years, we want to perfect getting to orbit. This is a large effort by itself and we are keeping our focus on just this for now,” he added.

Speaking about the prevailing funding trends in the spacetech sector, Srinath explained that with the opening up of the space sector and launch of In-SPACe, there has been a transformation in investor mindset and they are slowly opening up to investing in spacetech players. 

The spacetech sector is witnessing tremendous growth in recent times and Agnikul appears to be quite an interesting startup to make space accessible to everyone. Looking at the recent trends, the company seems to have great growth prospects. My best wishes to the team of Agnikul.

Shishir Gupta, Founder and CEO, StartupLanes

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