Space-tech startup Agnikul raises Rs 23.4 crore pre-series A led by pi Ventures

Agnikul Cosmos Pvt Ltd, an IIT-Madras incubated space tech start-up developing low-cost satellite launch vehicles, has raised Rs 23.4 crore (US$ 3.35 million) in a pre-series A funding round led by pi Ventures. The participation in the round was by Mr Hari Kumar, founder and CEO at LionRock Capital, Artha Ventures, LetsVenture, Globevestor, CIIE and existing investor Speciale Invest.

The company plans to utilise these funds for ground testing, fabrication and to expand its team.

The statement from the company said that a satellite launch vehicle is been developed from Agnikul Cosmos for payload capacity of up to 100 kg operated out of the National Centre for Combustion Research at IIT Madras. The engine is fully 3D printed, making it an easier and less expensive fabrication process that will be able to deliver launch vehicles within a few weeks, on demand.

“We started Agnikul with the dream of bringing space within everyone’s reach. We are doing this by building nimble, reliable and modular rockets that can put small satellites in space, on demand," Mr Srinath Ravichandran, co-founder and CEO of Agnikul, said.

Agnikul was started in 2017 by Mr Ravichandran and Mr Moin SPM.

Mr Manish Singhal, founding partner, pi Ventures, said, “I have always believed that India has the potential and the talent to create world-beating IPs and products, not just in the digital domain but also beyond. If done right, there is no doubt in my mind that India can be a leader in innovation on a global platform. We are proud to partner with Srinath and Moin on this journey and believe that Agnikul can be a great example of world-class innovation coming from India."

pi Ventures is a deep tech-focused early stage venture fund with investments in Applied Artificial Intelligence, Internet of Things and Blockchain.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.