Agnikul, a Chennai-based space-tech startup, has lifted INR 23.4 Crore Pre-series A funding from the early-stage fund based pi Ventures. Besides, the founder and CEO of LionRock Capital, Hari Kumar, LetsVenture, Globevestor, Artha Ventures, CIIE, and the existing investor Speciale are also involved in the funding round. With this funding, Agnikul is going to use this capital for ground testing, fabrication, and it will also plan to extend its team.
In 2017, Srinath Ravichandran and Moin SPM founded Agnikul. It is a space-tech that designs, tests, launches and manufactures orbital-class rockets for all the nano and microsatellites. Currently, it is working with the National Center for Combustion R&D at Chennai Tamil Nadu. Moreover, Space lawyers, engineers, ex-bankers, and rocket scientists are also a part of space tech startup Agnikul.
With the new operation of the National Centre for Combustion Research, Agnikul is going to create a whole new satellite and it will launch a new vehicle satellite that carries 100kg of payload. Satellites will have a few key features such as 3D print, easy and low-cost fabrication process that will be used to deliver launch vehicles in less than a week or a few weeks.
Co-founder and CEO of Agnikul, Srinath Ravichandran said, we have started Agnikul by dreaming that one day it will be reachable to each and every person. To accomplish that we are planning to build a few nimble, modular, and reliable rockets that can keep micro-satellites into space but only on demand.
Founding partner of Pi Ventures, Manish Singhal said, he strongly believes that India has the talent to create one of the best world-beating IPs and products, not only in the digital domain but also beyond. If everything goes right and done in the right way, then there is no doubt that India can become one of the leaders of innovation all over the world. We are confident and proud to partner with one of the best teams of Moin and Srinath on this path. Moreover, we also believe that space tech startup Agnikul will set up an outstanding example for the world-class innovation that comes all the way from India.
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