Indian space start-up Agnikul raises additional $27 million to launch its first rocket
Chennai-based space startup Agnikul Cosmos' CEO Srinath Ravichandran attributed increased credibility brought on by India's successful Chanrayaan-3 mission for positively impacting the start-up's funding outlook
Chennai-based space startup Agnikul Cosmos on October 17 said it has secured additional $26.7 million in funding ahead of its inaugural rocket launch, Reuters reported. Agnikul, is named after the Hindi and Sanskrit term for fire.
CEO Srinath Ravichandran attributed increased credibility brought on by India's successful Chanrayaan-3 mission for positively impacting the start-up's funding outlook, it said. Earlier this year, India pipped Russia to become the first country to successfully soft land on the Moon's yet unexplored south pole.
While Ravichandran refrained from disclosing the company's valuation, he expressed Agnikul's commitment to cost-effective launches, aiming to significantly undercut competitors. Investors in the recent funding round include Celesta Capital, Rocketship.vc, Artha Venture Fund, Artha Select Fund, and Mayfield India, as per the report.
The firm intends to establish a launch platform with pricing independent of payload mass. Agnikul has initiated the integration of its Agnibaan, a two-stage customisable launch vehicle capable of carrying up to 300 kg to orbits approximately 700 km away, it added.
Founded in 2017, Agnikul operates India's first private launchpad and mission control center, distinguishing itself from the Indian Space Research Organisation (ISRO), which manages other launchpads in the country.
The start-up plans to conduct a suborbital rocket launch from its private pad in the next two months, marking India's second private launch after Skyroot's Vikram-S. With a total funding of $40 million, the latest funds will be utilised to prepare for commercial launches.
Prime Minister Narendra Modi has launched initiatives to privatise and attract foreign investment into the space sector, aiming to quintuple India's share in the global launch market within the next decade. The country at present holds a mere 2 percent share in the $400 billion global commercial space market, a proportion the government aims to elevate to $40 billion by 2040.
Agnibaan
Agnibaan is a highly customisable, 2-stage launch vehicle. On November 4 2022, Vikram Sarabhai Space Centre (VSSC), the lead Centre of ISRO for the development of launch vehicles, facilitated the hot testing of a rocket engine developed by Agnikul Cosmos.
The VSSC successfully conducted the 15 seconds hot test of Agnilet Engine at its Vertical Test Facility, Thumba Equatorial Rocket Launching Station (TERLS), Thiruvananthapuram.
The test was carried out as part of an MoU signed between ISRO and Agnikul Cosmos to provide opportunity for Indian space start-ups to use facilities of ISRO through IN-SPACe.
Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Business NewsCompaniesStart-upsIndian space start-up Agnikul raises additional $27 million to launch its first rocket
First Published:17 Oct 2023, 01:42 PM IST
- Top Gainers
- Top Losers
- 52 Week High