Indian space start-up Agnikul raises additional $27 million to launch its first rocket
inaugural rocket launch, Reuters reported. Agnikul, is named after the Hindi and Sanskrit term for fire. CEO Srinath Ravichandran attributed increased credibility brought on by India's successful Chanrayaan-3 mission for positively impacting the start-up's funding outlook, it said.
Earlier this year, India pipped Russia to become the first country to successfully soft land on the Moon's yet unexplored south pole. While Ravichandran refrained from disclosing the company's valuation, he expressed Agnikul's commitment to cost-effective launches, aiming to significantly undercut competitors. Investors in the recent funding round include Celesta Capital, Rocketship.vc, Artha Venture Fund, Artha Select Fund, and Mayfield India, as per the report.
The firm intends to establish a launch platform with pricing independent of payload mass. Agnikul has initiated the integration of its Agnibaan, a two-stage customisable launch vehicle capable of carrying up to 300 kg to orbits approximately 700 km away, it added. Founded in 2017, Agnikul operates India's first private launchpad and mission control center, distinguishing itself from the Indian Space Research Organisation (ISRO), which manages other launchpads in the country.
The start-up plans to conduct a suborbital rocket launch from its private pad in the next two months, marking India's second private launch after Skyroot's Vikram-S. With a total funding of $40 million, the latest funds will be utilised to prepare for commercial launches. Prime Minister Narendra Modi has launched initiatives to privatise and attract foreign investment into the space sector, aiming to quintuple India's share in the global launch market within the next decade.
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