Agnikul’s FY23: Revenue at Rs 2.9 crore, losses hit Rs 20 crore

Share via:

Agnikul Cosmos, a Chennai-based spacetech startup, witnessed a notable 32% surge in revenue, reaching Rs 2.9 crore by March 31, 2023. However, this growth was overshadowed by a substantial increase in losses, which more than doubled, reaching Rs 20 crore.

According to the Registrar of Companies, the company faced a net loss of Rs 9 crore in FY22, while its expenditure escalated to Rs 23 crore from Rs 11 crore in FY23.

The startup specializes in designing, developing, and testing propulsion systems, satellite launch vehicle-related structures, and sophisticated software facilitating launches of payloads for various space missions.

“In October, the company successfully secured Rs 122 crore in Series B funding, primarily aimed at bolstering technology infrastructure, expanding ground testing facilities, and growing the team,” stated company sources.

Founded in 2017 by Srinath Ravichandran, Moin SPM, and SR Chakravarthy at the Indian Institute of Technology, Madras, Agnikul achieved a milestone in July 2022 by inaugurating India’s first-ever facility for manufacturing 3D-printed rocket engines in Chennai.

“In November 2022, the company launched its inaugural launchpad and mission control center in Sriharikota,” the company disclosed.

The firm aims to conduct its first flight, featuring the world’s pioneering 3D-printed engine before the year concludes. Ravichandran, co-founder, and CEO expressed, “This mission will serve as a technology demonstrator, mirroring Agnikul’s orbital launch planned for 2024, albeit at a reduced scale.”

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Agnikul’s FY23: Revenue at Rs 2.9 crore, losses hit Rs 20 crore

Agnikul Cosmos, a Chennai-based spacetech startup, witnessed a notable 32% surge in revenue, reaching Rs 2.9 crore by March 31, 2023. However, this growth was overshadowed by a substantial increase in losses, which more than doubled, reaching Rs 20 crore.

According to the Registrar of Companies, the company faced a net loss of Rs 9 crore in FY22, while its expenditure escalated to Rs 23 crore from Rs 11 crore in FY23.

The startup specializes in designing, developing, and testing propulsion systems, satellite launch vehicle-related structures, and sophisticated software facilitating launches of payloads for various space missions.

“In October, the company successfully secured Rs 122 crore in Series B funding, primarily aimed at bolstering technology infrastructure, expanding ground testing facilities, and growing the team,” stated company sources.

Founded in 2017 by Srinath Ravichandran, Moin SPM, and SR Chakravarthy at the Indian Institute of Technology, Madras, Agnikul achieved a milestone in July 2022 by inaugurating India’s first-ever facility for manufacturing 3D-printed rocket engines in Chennai.

“In November 2022, the company launched its inaugural launchpad and mission control center in Sriharikota,” the company disclosed.

The firm aims to conduct its first flight, featuring the world’s pioneering 3D-printed engine before the year concludes. Ravichandran, co-founder, and CEO expressed, “This mission will serve as a technology demonstrator, mirroring Agnikul’s orbital launch planned for 2024, albeit at a reduced scale.”

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Swiggy Rallies 8% Amid Broader Market Decline

SUMMARY Swiggy's stock has gained over 12% since its...

JPMorgan’s Jamie Dimon predicts AI reducing work weeks to...

JPMorgan CEO Jamie Dimon believes artificial intelligence (AI) will enhance businesses...

Israeli AI firm Decart raises $25m seed funding

Decart, founded in 2023, was created by alumni...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!