Space tech startup Agnikul Cosmos has raised INR 67 crore (around $7.6 million) through a mix of equity and debt. This is the company’s first major funding in over two years.
The funding round included investors such as Advenza Global, Atharva Green Ecotech LLP, and Pratithi Investments.
According to filings with the Registrar of Companies (RoC), Agnikul Cosmos raised ₹60 crore through equity. It did this by issuing 450 CCPS shares to Advenza Global and Atharva Green Ecotech LLP. Each share had a face value of ₹10 and an issue price of ₹13.3 crore, making it ₹30 crore investment from each investor.
The remaining ₹7 crore was raised as debt, through 70 lakh CCDs (Compulsorily Convertible Debentures) issued to Pratithi Investments.
Agnikul Cosmos hasn’t revealed exactly how it will use the new funds, but the money will likely go toward expanding its manufacturing, improving test facilities, and supporting future commercial launches.
This funding comes after the company’s ₹200 crore Series B round in 2023, which was led by Celesta Capital, Rocketship.vc, and Artha Venture Fund, along with other investors.
Founded in 2017 by Srinath Ravichandran and Moin SPM, Agnikul Cosmos is a Chennai-based space tech startup. The company focuses on building small rockets to make access to space simpler and more affordable.
Its main rocket, called Agnibaan, is a two-stage launch vehicle that can carry up to 300 kg of payload to orbits around 700 km above Earth.
The Agnibaan rocket is 18 meters long, 1.3 meters wide, and weighs about 14,000 kg at launch. It is powered by the Agnilet engine, which the company claims is the world’s first fully 3D-printed, single-piece, semi-cryogenic rocket engine.
Earlier this year, Agnikul Cosmos conducted several tests at its own private launchpad and mission control center in Sriharikota. This makes it one of the few private Indian companies to have a fully operational facility near ISRO’s launch Site.
The company’s upcoming mission, called Agnibaan SOrTeD (Sub-Orbital Technological Demonstrator), is expected to prepare the way for future commercial rocket launches.
Agnikul Cosmos hasn’t shared its FY25 financial results yet, but in FY24, the Chennai-based startup earned ₹9 crore in revenue and reported a loss of around ₹43 crore.
Its competitor, Skyroot Aerospace, made ₹29 crore in revenue and had losses of ₹55 crore during the same year.
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