Spacetech startup Agnikul Cosmos has raised around INR 150 crore (~USD 17 million) in a fresh funding round, which pegs the company’s valuation at approximately INR 4,460 crore (~USD 500 million). The capital will support the ramp-up of production for its small-satellite launch systems and related propulsion technologies.
New Money, New Backers
Agnikul’s fresh funding round drew participation from a mix of family offices and institutional investors, including Advenza Global, Atharva Green Ecotech, HDFC Bank, Artha Select Fund, Prathithi Ventures and 100X.VC. The Chennai-based company did not specify the round label, but indicated it was targeted at accelerating pre-commercial scale-up.
Use of Funds
Agnikul plans to deploy the proceeds to expand manufacturing capacity for aerospace and rocket components, advance its stage-recovery programme, and build out an integrated space campus on a 350-acre site allotted by the Tamil Nadu government. The company has said the campus will host end-to-end design, production and testing capabilities.
“This fundraising allows us to work on lower-stage recovery and upper-stage extension while focusing on scaling launch frequency,” said Srinath Ravichandran, cofounder and chief executive, adding that the aim is to improve the unit economics of launch services.
Technology Milestones & Pipeline
Agnikul, which designs 3D-printed semi-cryogenic engines and modular small launch vehicles, completed a sub-orbital test flight of its Agnibaan system earlier this year from Sriharikota, and has since been preparing for higher-frequency missions. Separately, the company announced India’s first ignition of an electric motor-driven semi-cryogenic rocket engine in 2025, underscoring its focus on reusability and lower-cost access to space.
Sector momentum has been supported by policy reforms that opened space to private players in 2020 and a Union Cabinet-backed INR 1,000-crore venture fund approved last year to catalyse spacetech. At the state level, Tamil Nadu has mapped out a spacetech corridor; investments include Agnikul’s facilities and a planned manufacturing and testing unit in Thoothukudi.
Investor’s Response
“Agnikul’s trajectory is a clear signal that India’s private space industry has arrived,” said Anirudh A Damani, managing partner at Artha Select Fund. Market participants say interest has broadened as startups move from prototypes to deployment and as reusability targets promise improved economics.
Before this raise, Agnikul had secured about USD 55.8 million (~INR 500 crore) from backers including Pi Ventures, Speciale Invest and Artha Venture Fund. The company did not disclose timelines for its next missions but said funds would be channelled into facilities and processes to enable more frequent launches.
Agnikul Fundraising: At a glance
- Fresh capital: ~INR 150 crore raised; valuation at ~INR 4,460 crore.
- Investors: Advenza Global, Atharva Green Ecotech, HDFC Bank, Artha Select Fund, Prathithi Ventures, 100X.VC.
- Use of proceeds: Scale manufacturing, advanced stage recovery, and expand the integrated 350-acre space campus in Tamil Nadu.
- Technology: 3D-printed semi-cryogenic engines; focus on reusable launch architecture.
- Recent milestones: Sub-orbital Agnibaan test from Sriharikota; electric motor-driven semi-cryogenic engine ignition.
Conclusion
With fresh capital and state support for infrastructure, Agnikul is positioning to move from demonstrations to a steadier launch cadence while pursuing reusability to lower per-mission costs. Execution on recovery technology and the timely build-out of the Tamil Nadu campus will be key to translating today’s valuation into commercial lift-off.
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