Space technology startup Agnikul Cosmos has raised Rs 60 crore ($6.7 million) in a fresh round of funding after a two-year hiatus. The company received Rs 30 crore each from Advenza Global Ltd and Atharva Green Ecotech Pvt Ltd.
According to regulatory documentation received from Registrar of Companies (RoC), the company issued 225 Compulsory Convertible Preference Shares Series C1 (CCPS) at an issue price of Rs.1333393.74 per share to Advenza Global Ltd and Atharva Green Ecotech Pvt Ltd each.
The object of investment attraction is mainly the implementation of strategic growth plans and business expansion, as well as the resolution of working capital requirements in accordance with regulatory documentation.
Agnikul, founded in 2017 by Srinath Ravichandran and Moin SPM, develops customizable launch vehicles for small satellites. The startup gained attention with Agnibaan, its 3D-printed rocket engine, and operates out of the National Combustion Research and Development Center at IIT Madras.
Before that Agnikula raised 200 crore rupees (about $26.7 million) in a 2022 Series B round led by Celesta Capital and Rocketship.vc, Artha Venture Fund, Artha Select Fund and Mayfield India.
While Agnikul is yet to present its FY25 numbers, the Chennai-based startup posted revenue of Rs 9 crore in FY24 with losses approaching Rs 43 crore in the same period. Its rival Skyroot Aerospace posted a revenue of Rs 29 crore and a loss of Rs 55 crore in FY24.
