Private space tech company Agnikul has secured $11 million in its latest funding round. The Series A round was led by venture capital firm Mayfield India.
Globevestor, Beenext, LionRock Capital, along with angel investors Anand Mahindra, Naval Ravikant, Balaji Srinivasan and Nithin Kamath, among others also participated in the financing round.
The round also saw participation from existing investors Artha Venture Fund, pi Ventures and Speciale Invest.
Speaking on the funding, Srinath Ravichandran, co-founder and CEO, AgniKul, said, “The convergence of both our product getting to a certain level and the government also coming out and helping us has really made this round possible.”
“The government’s framework to encourage space companies in India has given confidence not only to investors, but also customers, vendors and others,” he added.
Agnikul was formally incorporated as a company in 2017 in Chennai, India. The company moved into the National Center for Combustion R&D at IIT Madras, Chennai, India.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.