An Indian space-tech company, the innovative start-up Agnikul Cosmos, has been able to complete a new round of funding, raising ₹60 crore ($6.7 million). The capital injection comes 2 years after the last significant announcement of financing in the company, indicating that investors are back in the space exploration industry and the strategic direction of Agnikul. 

Investment and primary objectives

The space-tech company raised equivalent funds from two investors, Advenza Global Ltd and Atharva Green Ecotech Pvt Ltd. All these investors invested 30 crores into the new round.

The funding was implemented based on the issue of 225 Series C1 Compulsory Convertible Preference Shares (CCPS) as per regulatory filings obtained with the help of the Registrar of Companies (RoC).

Advenza Global Ltd and Atharva Green Ecotech Pvt Ltd were both the buyers of the shares at ₹13,33,393.74 per share. The name of the round as Series C1, refers to the extension or continuation of a prior funding series.

The key purposes to raise such investment, which are presented in the regulatory filings, focus on the promotion of the growth and operational needs of the company. The capital is primarily aimed at fulfilling strategic growth plans and expansion of its business. Part of the capital will be used to meet the working capital needs of a Chennai-based startup.

Product focus and financial performance

Srinath Ravichandran and Moin SPM co-founded Agnikul Cosmos in 2017. The development of customizable small satellite launch vehicles is the main business activity of the company.

The startup has attracted a lot of notice to its innovative work, in particular to the Agnibaan, a rocket engine that uses 3D printing technology. Agnikul conducts its research and development in one of the major academic research centres, the National Centre of Combustion R&D of IIT Madras.

Agnikul had already raised a massive ₹200 crore (approximately $26.7 million) in its Series B round in 2022 before this latest round. Leading investors, such as Celesta Capital and Rocketship.vc, joined that round, alongside Artha Venture Fund, Artha Select Fund, and Mayfield India.

As an aspect of financial performance, the firm has not officially submitted its financial results regarding the Financial Year 2025 (FY25). Its reported performance last fiscal year, FY24, has had a revenue of ₹9 crore.

The Chennai startup made a loss of up to ₹43 crore in the same period. Its competitor, Skyroot Aerospace, had a greater income of ₹29 crore in FY24 with slightly higher losses of ₹55 crore during the given fiscal year.

Conclusion

Agnikul Cosmos has already injected ₹60 crore ($6.7 million) in its business as part of a new Series C1 round, provided by both Advenza Global Ltd and Atharva Green Ecotech Pvt Ltd. Through this capital, which has been raised after a period of 2 years, strategically is to support the growth of the firm, finance its strategic growth plans as well as its working capital requirements.

The investment secures the company and stems the future based on its historical success in Series B, and its underpinning work at IIT Madras, despite ongoing footing in the existing financial market with a reported ₹43 crore loss on ₹9 crore revenue in FY24.