Space tech startup Agnikul has raised Rs 23.4 crore in a pre-series A funding round led by early-stage venture fund pi Ventures. Hari Kumar of LionRock Capital, Artha Ventures, LetsVenture, Globevestor, CIIE and existing investor Speciale Invest also participated in the round.
Chennai-based Agnikul, which pioneered 3D printed single-piece rocket engines and works out of the National Centre for Combustions Research at IIT Madras, is developing a satellite launch vehicle with a payload capacity of up to 100 kg.
“We started Agnikul with the dream of bringing space within everyone’s reach. We are doing this by building nimble, reliable and modular rockets that can put small satellites in space on-demand,” co-founder Srinath Ravichandran said.
Since the engine is 3D printed, it makes the process of manufacturing these vehicles cheaper and faster, helping them to supply products on demand.
The space industry across the globe had grown into a $350-billion market, with many private players entering the sector, the startup said in a release. It is predicted that in 2022, more than 2,500 small satellites will be launched compared to less than 500 at the present time.
“I have always believed that India has the potential and the talent to create world-beating IPs and products, not just in the digital domain but also beyond. If done right, there is no doubt in my mind that India can be a leader in innovation on a global platform,” said Manish Singhal, founding partner, pi Ventures.
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