The new round of funding led by pi Ventures has also saw the participation of Hari Kumar (LionRock Capital), Artha Ventures, LetsVenture, Globevestor, CIIE.CO including its existing investor Speciale Invest.
In a statement issued by the company, “The company will use the new round of funding for ground testing, fabrication, and expansion of the team.”
Founded by Srinath Ravichandran and Moin SPM in 2017, Agnikul operates the National Center for Combustion Research at IIT Chennai and is developing a satellite launch vehicle with a payload capacity of up to 100Kgs.
The vehicle is configurable and can support the payload of 30-100 kgs without impacting economics. Agnikul designs a rocket engine that can be printed in a single piece using 3D printing technology.
Speaking on the investment round, Srinath Ravichandran, Co-founder & CEO, Agnikul, said, “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. This round of investment from pi Ventures, Speciale Invest and others is a meaningful velocity boost to our journey and will directly help us get much closer to orbit.”
“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. We are proud to partner with Srinath and Moin on this journey and believe that Agnikul can be a great example of world-class innovation coming from India,” Manish Singhal, Founding Partner, pi Ventures said.