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.”