Space-tech startup Agnikul said on Thursday it has raised $11 million (Rs 80.5 crore) as part of its Series A round of funding led by Mayfield India.
The company will use the proceeds to build its technology infrastructure, launch ground testing, and expand its team, the Chennai-based firm said in a statement.
Existing investors pi Ventures, Speciale Invest, and Artha Venture Fund along with angels also pooled in cash.
“…we are thankful to be able to find excitement as our investors continue to reaffirm their confidence in our strategy of democratising small satellite launches,” Srinath Ravichandran, co-founder and chief executive of Agnikul, said.
The company has been developing a satellite launch vehicle, Agnibaan, which can support a payload range of 30-100 kg. The on-demand rocket can be fully customised at an affordable cost, Agnikul said.
To build Agnibaan, Agnikul in December signed an agreement with Indian Space Research Organisation for accessing its expertise and facilities.
In March last year, Agnikul raised 23.4 crore in a pre-Series A funding led by Pi Ventures.
“It (Agnikul) aligns with our vision of backing disruptive companies solving global problems via tech innovations very well,” said Manish Singhal, founding partner of pi Ventures.
Agnikul was founded by Srinath Ravichandran and Moin SPM in 2017. It is designs, manufactures, tests, and launches orbital-class rockets for micro and nanosatellites.
The startup counts as its investors LetsVenture, IIM Ahmedabad's tech incubator Centre for Innovation Incubation & Entrepreneurship, Globevestor, and LionRock Capital’s Hari Kumar.