Agnikul, a space technology startup, announced it has raised Rs 23.4 crore pre-series A funding led by Pi Ventures.
Other investors that took part in the funding round include: Hari Kumar of LionRock Capital, Artha Ventures, LetsVenture, Globevestor, and IIM-Ahmedabad’s CIIE. Existing investor Speciale Invest also took part in the funding round.
The Chennai-based startup will utilise the funds to develop a satellite launch vehicle with a payload capacity of up to 100 kgs and boost expansion. The company said it will utilise the funding to facilitate ground testing, fabrication and expansion of its team.
AgniKul was founded in 2017. The company designs, manufactures, tests and launches orbital class rockets for micro and nano satellites. It currently works out of the National Center for Combustion R&D at IIT-Madras. Rocket scientists, engineers, ex-bankers and space lawyers are a part of its team. The company’s goal is to make space affordable for everyone in India.
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