IIT-Madras Incubated Space Tech Startup Agnikul Raises INR 23.4 crores In Funding
Agnikul, a space tech startup has raised INR 23.4 crores in a pre-series A funding.
This funding round was led by pi Ventures. The funding round also saw participation from Hari Kumar (founder and CEO at LionRock Capital), Globevestor, Artha Ventures, LetsVenture, CIIE and existing investor Speciale Invest.
Founded by Srinath Ravichandran and Moin SPM in 2017, Agnikul (Agnikul Cosmos Pvt Ltd) is an IIT-Madras incubated space tech startup that makes low-cost satellite launch vehicles.
And as per this Indian space tech startup, the funds will be used for ground testing, fabrication and to expand its team.
Working out of the National Centre for Combustion R&D (NCCRD) at IIT Madras, Agnikul Cosmos is developing a satellite launch vehicle (SLV) for a payload capacity of up to 100 kg.
Talking about their vision, Srinath Ravichandran, co-founder and CEO of Agnikul, said,
“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.”