This Indian space start-up has raised $17M at $500M valuation
What's the story
Chennai-based space tech start-up, Agnikul Cosmos, has raised $17 million (about ₹150 crore) in a funding round led by family offices and institutional investors. The round was led by Advenza Global Limited and Atharva Green Ecotech LLP, with HDFC Bank, Artha Select Fund, Prathithi Ventures, and 100X.VC also participating. The latest investment values the company at approximately $500 million.
Company profile
A pioneer in space technology
Founded in 2017 and incubated at IIT Madras, Agnikul Cosmos specializes in developing 3D-printed rocket engines and small-satellite launch vehicles. The company has already successfully launched a sub-orbital rocket. It serves clients from India, the Middle East, and Australia. The latest funding comes as Indian space tech start-ups are preparing for their first full-scale launches.
Expansion plans
Funding to boost manufacturing and launch frequency
The funds raised will be used to ramp up the production of rocket and aerospace components, increase launch frequency, and further its stage-recovery program. Agnikul Cosmos is also working on a 350-acre integrated space campus in Tamil Nadu with the design, manufacturing, and testing facilities under one roof. "This fund raise allows us to work on such missions while also focusing on scaling launch frequency," said Moin SPM, Co-founder and COO of Agnikul Cosmos.
Market potential
Investors optimistic about India's private space sector
The funding round has been viewed as a major milestone for India's private space sector. Arun Kumar, Managing Partner at Celesta Capital, said Agnikul is "poised to meet the enormous unmet demand for low earth orbit satellites both globally and domestically." Anirudh A Damani, Managing Partner at Artha Select Fund which contributed its largest cheque yet for the company, said, "Agnikul's trajectory is a clear signal that India's private space industry has arrived."