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New Delhi: Area-tech startup Agnikul Cosmos, incubated by IIT-Madras, on Tuesday stated it has raised Rs 200 crore within the Sequence-B funding spherical and goals to make use of that for supporting its growth plans because the agency seems at placing satellites in orbit.
Agnikul has began the mixing of the launch automobile Agnibaan SubOrbital Know-how Demonstrator at its non-public launchpad on the Satish Dhawan Area Centre in Sriharikota.
“We’re planning to have a check launch earlier than the year-end,” Agnikul co-founder and CEO Srinath Ravichandran informed PTI.
With the profitable closure of a Sequence-B fund of Rs 200 crore , the startup has elevated its complete capital raised until date to USD 40 million.
The spherical noticed participation from enterprise capital buyers resembling Celesta Capital, Rocketship.vc, Artha Enterprise Fund and Artha Choose Fund, Mayfield India, together with present buyers resembling pi Ventures, Speciale Make investments and Mayfield India.
“We’ve a good concept of the know-how that’s concerned in getting us to area. Now that the analysis and improvement danger has principally been taken out, we wish to focus extra on scaling up. We’re not simply pondering of the subsequent few launches, however about 50-60 launches and developing with programs, folks and operations in place,” Ravichandran stated.
Agnikul additionally has plans to put money into key services resembling cellular launchpads and different check rigs obligatory for addressing the launch-on-demand wants of the shopper.
“With this capital, we’ll proceed to drive our know-how ahead, constructing services and testing programs that we have to ship a dependable product for our clients,” Ravichandran stated.
India’s area regulator Indian Nationwide Area Promotion and Authorisation Centre has projected the area sector to develop to $44 billion within the subsequent decade from the present measurement of $ 8 billion.
Based on the IIT-Madras campus, Agnikul is taking a look at services in and round Chennai for its growth plans and is exploring choices within the area. The beginning-up additionally has plans to rent extra personnel with the main focus now being on manufacturing and operations a part of the enterprise.
“As India’s reply to SpaceX, Agnikul is poised to revolutionise the area trade, not simply domestically but additionally globally,” Sailesh Ramakrishnan, the managing accomplice of Rocketship.vc, stated.
“Doubling our funding is not merely a monetary transfer, it is a ringing endorsement of our religion in Agnikul’s prowess. We’re all in, desirous to see and assist each big leap they make in reshaping area exploration,” Anirudh A Damani, the fund supervisor of Artha Enterprise Fund, stated.
In 2021, Agnikul efficiently test-fired ‘Agnilet’, the world’s first single-piece 3D printed engine absolutely conceived and manufactured in India and secured a patent for its engine from the federal government.
Agnikul additionally inaugurated its one-of-a-kind manufacturing facility devoted to end-to-end 3D printing of rocket engines final yr, representing an vital step in direction of launch automobile engine fabrication at scale.