Venture Capital: Indian Space Startup Agnikul Raises $26.7M For Small Satellite Rockets

October 17, 2023 | News, Venture Capital

Agnikul is inching towards the maiden launch of Agnibaan, its privately-built, small satellite rocket.

IIT Madras-incubated Agnikul Cosmos recently completed its Series B fundraise, securing an impressive $26.7 million. This round included investments from notable funds like Celesta Capital,, Artha Venture Fund, and Artha Select Fund, along with continued support from existing investors like pi Ventures, Speciale Invest, and Mayfield India.

These funds come at a crucial juncture for Agnikul as the company progresses towards the launch of its own satellite rocket, Agnibaan. This privately-built rocket is powered by Agnilet, a single-piece 3D printed engine, and boasts the capacity to carry payloads of up to 100 kg to low Earth orbits spanning 700 km.

A significant milestone for Agnikul was the establishment of India’s first private space vehicle launch pad in the vicinity of the Indian Space Research Organisation (ISRO) in Sriharikota, Andhra Pradesh. The startup is now preparing for the launch of Agnibaan SOrTeD (SubOrbital Technological Demonstrator) from this site at the Satish Dhawan Space Centre (SDSC) since August this year.

Notably, Agnikul is also the pioneer in setting up India’s first private rocket engine factory, underlining its remarkable progress in technology, infrastructure, and manufacturing capabilities.

With the new capital infusion, Agnikul aims to advance its technology, expand facilities, and develop robust testing systems to ensure the delivery of reliable products to its customers. This funding marks Agnikul’s readiness to join the ranks of India’s private space industry, which includes Skyroot Aerospace, Pixxel, Dhruva Space, and Digantara.

Agnikul has been successful in raising around $40 million since its inception in 2017, benefiting from the supportive environment for space tech startups in India, driven by favorable policies and venture capital investments. India’s space sector, buoyed by ISRO’s encouragement of spacetech startups and the release of the Indian Space Policy in August, is poised for substantial growth, potentially increasing from its current $8.4 billion to $44 billion in the next decade, as projected by the Indian Space Association. This growth trajectory emphasizes the pivotal role that startups will play in driving innovation within India’s burgeoning space-tech ecosystem.

Related Story: Axiom Space Raises $350M For Its Commercial Space Station

Image Credit: AgniKul Cosmos (Twitter)

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