On October 17, the space-tech startup Agnikul Cosmos, which was incubated by IIT Madras, raised 200 crore in the Series-B funding round. As per the release, with the funding that they received, they are looking forward to an expansion by putting satellites in orbit.
With the funding received in the Series-B round, they have, to date, raised around USD 40 million.
Capital investors like Celesta Capital, Rocketship.vc, Artha Venture Fund and Artha Select Fund, Mayfield India along with previous investors like pi Ventures, Speciale Invest and Mayfield India. Participated in the round.
Srinath Ravichandran, CEO and founder of Agnikul, says,
“We have a fair idea of the technology that is involved in getting us to space. Now that the research and development risk has mostly been taken out, we want to focus more on scaling up. We are not just thinking of the next few launches, but about 50-60 launches and coming up with systems, people and operations in place.”
Agnikul also intends to allocate funds for critical infrastructure, including mobile launchpads and essential test rigs, to meet the launch-on-demand requirements of its customers.
He further revealed,
“With this capital, we will continue to drive our technology forward, building facilities and testing systems that we need to deliver a reliable product for our customers.”