Space-tech startup AgniKul Cosmos has raised $26.7 million in its Series B funding round from Celesta Capital, Rocketship.vc, Artha Venture Fund, Artha Select Fund, and Mayfield India. The round also saw participation from investors such as Pi Ventures and Speciale Invest also participated in the round. The startup plans to utilize the capital to scale its existing technology towards commercialization, as well as invest in key facilities such as mobile launchpads and other test rigs.
“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,” said Srinath Ravichandran, co-founder and CEO of Agnikul, in an official release.
Funding for Agnikul comes at a time when it is working towards the maiden launch of Agnibaan, the startup’s privately-built small satellite rocket. In pursuit of its maiden launch, Agnikul took a drastic step last November by setting up India’s first private space vehicle launch pad in Indian Space Research Organisation (ISRO)’s backyard in Andhra Pradesh’s Sriharikota.
Reportedly, since August this year, the startup has been getting ready Agnibaan SOrTeD (SubOrbital Technological Demonstrator) for lift off from its launch pad at the Satish Dhawan Space Centre (SDSC).
Signifying this achievement, Ravichandran shared, “We’ve come a long way in reaching incredible milestones with our technology, launchpad, mission control, and manufacturing facility.”
India’s space sector has the potential to grow from $8.4 billion currently to $44 billion in the next decade, as per a white paper released by IN-SPACe.
