Space-tech startup Agnikul Universe, hatched by IIT-Madras, on Tuesday said it has brought Rs 200 crore up in the Series-B subsidizing round and expects to involve that for supporting its extension plans as the firm ganders at placing satellites in circle.
Agnikul has begun the joining of the send off vehicle Agnibaan SubOrbital Innovation Demonstrator at its confidential platform at the Satish Dhawan Space Center in Sriharikota.
“We are planning to have a test launch before the year-end,” Agnikul prime supporter and Chief Srinath Ravichandran told PTI.
With the fruitful conclusion of a Series-B asset of Rs 200 crore ($26.7 million), the startup has expanded its complete capital raised till date to $40 million.
The round saw interest from funding financial backers like Celesta Capital, Rocketship.vc, Artha Adventure Asset and Artha Select Asset, Mayfield India, alongside existing financial backers, for example, pi Adventures, Speciale Contribute and Mayfield India.
“We have a fair idea of the technology that is involved in getting us to space. Now that the research and development risk has mostly been taken out, we want to focus more on scaling up. We are not just thinking of the next few launches, but about 50-60 launches and coming up with systems, people and operations in place,” Ravichandran said.
Agnikul additionally has plans to put resources into key offices, for example, versatile platforms and other test rigs essential for tending to the send off on-request needs of the client.
“With this capital, we will continue to drive our technology forward, building facilities and testing systems that we need to deliver a reliable product for our customers,” Ravichandran said.
India’s space controller Indian Public Space Advancement and Authorisation Center has projected the space area to develop to $44 billion in the following ten years from the ongoing size of $8 billion.
Established on the IIT-Madras grounds, Agnikul is taking a gander at offices in and around Chennai for its development designs and is investigating choices in the district. The beginning up likewise has plans to enlist more staff with the attention presently being on creation and tasks part of the business.
“As India’s answer to SpaceX, Agnikul is poised to revolutionise the space industry, not just domestically but also globally,” Sailesh Ramakrishnan, the overseeing accomplice of Rocketship.vc, said.
“Doubling our investment isn’t merely a financial move, it’s a ringing endorsement of our faith in Agnikul’s prowess. We’re all in, eager to see and support every giant leap they make in reshaping space exploration,” Anirudh A Damani, the asset director of Artha Adventure Asset, said.
In 2021, Agnikul effectively test-terminated ‘Agnilet’, the world’s most memorable single-piece 3D printed motor completely imagined and produced in India and got a patent for its motor from the public authority.
Agnikul likewise introduced its stand-out processing plant committed to start to finish 3D printing of rocket motors last year, addressing a significant stage towards send off vehicle motor creation at scale.