February 21, 2024
Spacetech startup Agnikul Cosmos reported revenues of Rs 2.9 crore within the monetary yr ending March 31, 2023, up 32% from a yr in the past, with losses widening over two-fold.

The corporate reported internet losses of Rs 20 crore, as per its filings with the Registrar of Firms. The losses greater than doubled in comparison with Rs 9 crore from the earlier fiscal.

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The Chennai-headquartered firm designs, develops and assessments propulsion programs and different such satellite tv for pc launch vehicle-related constructions in addition to the software program that helps suborbital, orbital and deep house launches of light-weight and heavy payloads satellites.

The entire expenditure for FY23 was Rs 23 crore, up from Rs 11 crore.

In October, the corporate had raised Rs 122 crore in a Sequence B funding spherical, from Celesta Capital and Rocketship.vc, amongst others. The funds had been raised for constructing its know-how infrastructure, increasing floor testing and constructing a staff.

Agnikul was based in 2017 by Srinath Ravichandran, Moin SPM and SR Chakravarthy on the Indian Institute of Know-how, Madras. In July 2022, the corporate inaugurated India’s first-ever facility to fabricate 3D-printed rocket engines in Chennai.

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In November 2022, the agency began its first launchpad and mission management centre in Sriharikota. The corporate informed ET just lately that it plans to launch its first flight, with the world’s first 3D-printed engine, earlier than the tip of this yr.The mission could be a know-how demonstrator that can mirror Agnikul’s orbital launch – the primary industrial launch deliberate in 2024 – however at a diminished scale, cofounder and CEO Ravichandran had informed ET.