An Indian space startup raises $26.7 million in Series B funding to use 3D-printed rocket engines to launch satellites.

Agnikul Cosmos, an aerospace manufacturing business funded by the Mayfield Fund of Navin Chaddha, a Forbes Midas Lister, and others, raised $26.7 million in a Series B fundraising round as investor confidence in India's space economy surged.

Agnikul, a 2017 startup with headquarters in Chennai, India, develops and produces rockets for satellites weighing under 100 kg. There are five different configurations for its launch vehicle, the Agnibaan SubOrbital Technological Demonstrator (SOrTeD), depending on the number of engines and launch stages employed as well as the demands of the clients. Agnibaan incorporates 3D-printed parts like Agnilet, a patented rocket engine that was printed in one piece, according to the business, making it the first of its kind in the world.

Existing investors Mayfield India, Pi Ventures, and Speciale Invest joined new investors Celesta Capital, Rocketship.vc, Artha Select Fund, and Artha Venture Fund in the round. With the new financing, the six-year-old firm has now raised $40 million in total. Agnikul declined to disclose its latest valuation.

For an organization to be eligible for this level of investment, its valuation must be at least US$30 million. A firm may not necessarily be tiny if it has this type of value. According to credible trade publications, the average company seeking Series B funding is valued at about US$58 million.

Arun Kumar, managing partner of Celesta Capital shared, "Agnikul's pursuit of innovative space solutions aligns with our investment focus on India's leading-edge deep tech sector. We are thrilled to support their ground-breaking idea and creative strategy for democratizing and modernizing the space business."

For More Details Visit: https://www.forbes.com/sites/catherinewang/2023/10/17/indian-space-startup-raises-267-million-series-b-to-launch-satellites-using-3d-printed-rocket-engines/?sh=539a765178a9