This Spacetech Startup Raises $26.7 Million in Series B Funding

Agnikul Cosmos, a space tech startup based in Chennai, raised Rs 200 crore ($26.7 million) in Series B funding. The funding round included investments from leading venture capital firms such as Celesta Capital, and Rocketship.vc, Artha Venture Fund, and Mayfield India.
The startup plans to use the funds to scale up its operations and launch its first rocket, Agnibaan, in the next two years. Agnibaan is a small satellite launch vehicle that can carry up to 100 kg of payload to low Earth orbit.
Agnikul was founded in 2017 by Srinath Ravichandran and Moin SPM, two alumni of the Indian Institute of Technology, Madras. The company's mission is to make space accessible to everyone by building low-cost, reliable launch vehicles.
With the latest funding round, Agnikul has raised a total of $40 million in funding. The company's valuation is not yet disclosed.
What Agnikul Cosmos does
Agnikul Cosmos is a space tech startup that develops and manufactures small satellite launch vehicles. The company's mission is to make space accessible to everyone by building low-cost, reliable launch vehicles.
Agnikul's first rocket, Agnibaan, is a small satellite launch vehicle that can carry up to 100 kg of payload to low Earth orbit. Agnibaan is currently in development and is expected to be launched in the next two years.
Agnikul is also developing a second rocket, Agnilet, which is a smaller launch vehicle that can carry up to 50 kg of payload to low Earth orbit. Agnilet is still in the early stages of development.

How much was the previous investment?

Agnikul Cosmos raised Rs 10 crore (about $1.3 million) in seed funding from a group of angel investors in 2017.

What will they be doing with 200 cr?

Agnikul Cosmos plans to use the funds from its Series B funding round to scale up its operations and launch its first rocket, Agnibaan, in the next two years. The company will also use the funds to develop its second rocket, Agnilet, and to build a launch pad.
Agnikul's Series B funding round is a significant milestone for the company. The funding will allow the company to accelerate its development and commercialization efforts. With its low-cost, reliable launch vehicles, Agnikul is well-positioned to make space accessible to everyone.