Space start-up Agnikul raises $26.7mn to prepare for commercial launches
Indian space tech start-up Agnikul has raised $26.7 million to develop its small satellite rocket for commercial missions. This customizable rocket, Agnibaan, aims to meet the demand for small satellite launches, which are increasingly popular among companies looking to enhance existing technologies and offer new experiences, like precise location tracking and internet services for remote areas. Agnikul's Agnibaan rocket will feature a single-piece engine, ditching conventional manufacturing processes in favor of additive manufacturing or 3D printing.
Agnikul's progress and collaboration with ISRO
Agnikul has already made impressive progress, successfully test-firing a 3D-printed engine known as Agnilet in early 2021. The Chennai-based start-up, founded in 2017, registered a patent for the engine and built a facility to develop similar engines using end-to-end 3D printing. In December 2020, Agnikul became the first Indian private space company to sign an agreement with the Indian Space Research Organisation (ISRO). The company aims to support ISRO by handling launches in the under 300kg payloads segment, per TechCrunch.
First test flight expected before the end of 2023
Last year, Agnikul also inaugurated India's first private launchpad and mission control center located at the Satish Dhawan Space Center in Sriharikota. While Agnikul hasn't started commercial launches yet, it has received interest from potential launch customers, especially from companies in Japan and Europe. The firm has also signed memorandums of understanding with a few companies. Indian satellite tech start-ups could also become Agnikul's customers once commercialization begins after its first test flight, expected sometime before the end of 2023.
Competition in the small satellite launch market
Agnikul faces competition from other space tech start-ups like Hyderabad-based Skyroot Aerospace and global players like US-based Rocket Lab. However, the ability to customize the vehicle depending on payload requirements helps bring a cost-effective advantage to Agnikul, said Srinath Ravichandran, co-founder and CEO of Agnikul. The vehicle is designed for mobile launchpads and can be reused, further increasing its appeal in the growing small satellite launch market.
Plans for the future and expanding operations
With this funding boost, Agnikul plans to expand beyond its initial launches and hire people to create and manufacture multiple launch vehicles. The start-up currently employs around 225 people, mainly in manufacturing and launch operations, and works from four facilities and a mission control center. Agnikul aims to build multiple versions of its Agnibaan rocket and expand launches from one or two per year to one or two per month in due course of time.
