PE-VC Fund Investments
Space-tech startup Agnikul raises Rs.60-Cr
Chennai-based Agnikul Cosmos , a space-tech startup, has raised INR 60 crore (USD 6.7 million) in a fresh funding round from Advenza Global Ltd (INR 30 crore) and Atharva Green Ecotech Pvt Ltd (INR 30 crore). The funding involved the issuance of 225 Series C1 compulsorily convertible preference shares (CCPS) at an issue price of INR 1,333,393.74 per share to both investors. Founded in 2017 by Srinath Ravichandran and Moin SPM, Agnikul Cosmos develops customizable small satellite launch vehicles. The company is recognised for its Agnibaan, a 3D-printed rocket engine, and operates from the National Center for Combustion R&D at IIT Madras.The startup plans to use the newly raised funds to support business expansion, and working capital requirements.
Between Feb-19 and Jan-23, Agnikul Cosmos had attracted about USD 39.3 M from Speciale Invest, Artha India Ventures, Lionrock Capital, Pi Ventures, Shastra VC, Beenext, Mayfield, MGA Ventures, Celesta Capital, Dholakia Ventures, Java Capital, rocketship.vc, SiriusOne Capital, and others.For FY24, Agnikul Cosmos had reported about INR 42.96 Cr Net Loss.
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