Agnikul Cosmos Raises INR 67 Cr In Fresh Funding

Spacetech startup Agnikul Cosmos has raised INR 67 Cr (around $7.6 Mn) in a mix of equity and debt funding, marking its first major capital infusion in over two years. The round saw participation from Advenza Global, Atharva Green Ecotech LLP, and Pratithi Investments.

According to filings with the Registrar of Companies (RoC), Agnikul raised INR 60 Cr through equity by allotting 450 CCPS shares to Advenza and Atharva at a face value of INR 10 and an issue price of INR 13.3 Cr each, aggregating to INR 30 Cr per investor. The remaining INR 7 Cr came in the form of debt via 70 Lakh CCDs issued to Pratithi Investments.

The fresh funding follows Agnikul’s INR 200 Cr Series B round in 2023, which was led by Celesta Capital, Rocketship.vc, and Artha Venture Fund, among others. While the startup hasn’t disclosed specific plans for the latest capital, it is likely to be directed towards scaling its manufacturing capabilities, expanding test facilities, and advancing its upcoming commercial launches.

Founded in 2017 by IIT-Madras alumni Srinath Ravichandran and Moin SPM, Agnikul Cosmos is developing small-lift launch vehicles to make access to space more flexible and affordable. Its flagship rocket, Agnibaan, is a two-stage vehicle designed to carry payloads of up to 300 kg to orbits of about 700 km. The 18-metre-long rocket, with a diameter of 1.3 metres and lift-off mass of 14,000 kg, is powered by the Agnilet engine — which it claims to be the world’s first single-piece, fully 3D-printed semi-cryogenic rocket engine.

Earlier this year, Agnikul conducted multiple tests at its private launchpad and mission control centre at Sriharikota, becoming one of the few private Indian players with an operational facility within ISRO’s range. Its upcoming Agnibaan SOrTeD (Sub-Orbital Technological Demonstrator) mission is expected to serve as a precursor to its commercial launches.

India’s spacetech ecosystem has been gaining strong investor interest since the sector’s deregulation in 2020. Startups such as Skyroot Aerospace, Pixxel, Dhruva Space, and Digantara have raised fresh funding in recent times.

The emergence of newer ventures like Astrogate, OmSpace Rockets & Exploration, and SatLeo underscores the growing investor appetite for deeptech innovation. This growing interest aligns with the momentum that India’s spacetech sector has been on in recent times, projecting to reach the $77 Bn mark by 2030.

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