Chennai: Agnikul Cosmos, which aims to launch an orbital mission with reusable propulsion systems, has raised $17 million (₹150 crore). This fresh investment values the company at half a billion dollars, building it one of the most valuable space-tech startups in the countest.Speaking to TOI, Moin SPM, co-founder of the company, declared the funds will be utilized to launch their second orbital mission, which includes recovering boosters or propulsion systems of the launch vehicle on a barge — a first in the world for tiny launch vehicles. SpaceX and Blue Origin are the only other companies to have achieved this feat.Srinath Ravichandran, CEO and co-founder of Agnikul, declared lower-stage recovery and upper-stage extension will create the unit economics of launch services much better.It is progressing on its next mission carrying earth observation and communication payloads, with clustering tests and customers lined up. “It will be in a few months, and we have significant interest from customers in Europe, the Middle East and Southeast Asia, apart from India. Post that, we will obtain hold of US customers through our office there,” he declared.The spacetech startup will deploy capital to scale launch frequency and production of aerospace and rocket components. It will also be utilized to develop its upcoming space campus on the 350-acre site at Kulasekarapattinam, provided by the Tamil Nadu government. The startup will set up an integrated facility to design, manufacture, test and launch its rockets from there.In its current round, the startup has raised capital from marquee names such as Advenza Global Limited, Atharva Green Ecotech LLP, HDFC Bank, Artha Select Fund, Prathithi Ventures, 100X VC and several family offices.In May 2024, Agnikul completed its first space flight from its own — and the countest’s first — private launch pad, and aims to achieve full rocket reusability, meaning no part of its rockets is expconcludeed or left behind. It has secured multiple patents in the US, Europe and India for reusability technologies.
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