Agnikul: Spacetech startup Agnikul registers revenue of Rs 2.9 crore, losses jump to Rs 20 crore for FY23

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Spacetech startup Agnikul Cosmos reported revenues of Rs 2.9 crore in the financial year ending March 31, 2023, up 32% from a year ago, with losses widening over two-fold.

The company reported net losses of Rs 20 crore, as per its filings with the Registrar of Companies. The losses more than doubled compared to Rs 9 crore from the previous fiscal.

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The Chennai-headquartered company designs, develops and tests propulsion systems and other such satellite launch vehicle-related structures as well as the software that helps suborbital, orbital and deep space launches of lightweight and heavy payloads satellites.

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

In October, the company had raised Rs 122 crore in a Series B funding round, from Celesta Capital and, among others. The funds were raised for building its technology infrastructure, expanding ground testing and building a team.

Agnikul was founded in 2017 by Srinath Ravichandran, Moin SPM and SR Chakravarthy at the Indian Institute of Technology, Madras. In July 2022, the company inaugurated India’s first-ever facility to manufacture 3D-printed rocket engines in Chennai.

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In November 2022, the firm started its first launchpad and mission control centre in Sriharikota. The company told ET recently that it plans to launch its first flight, with the world’s first 3D-printed engine, before the end of this year.The mission would be a technology demonstrator that will mirror Agnikul’s orbital launch – the first commercial launch planned in 2024 – but at a reduced scale, cofounder and CEO Ravichandran had told ET.

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