On Thursday, India made history in the space sector with the first launch from a private launchpad. Chennai-based space startup Agnikul Cosmos launched Agnibaan SOrTeD, the country’s second privately built rocket. This rocket, which uses both gas and liquid fuel, took off at 7:15 am from Shriharikota.
Agnikul Cosmos had tried to launch Agnibaan before. The first attempt was on March 22 but was delayed due to “unavoidable circumstances.” Another attempt was set for April 6 but was postponed to April 7 due to technical issues.
Private Space Startup Agnikul Cosmos Launched Agnibaan
Agnibaan SOrTeD has the world’s first single-piece 3D-printed engine, designed and built in India. This achievement is especially notable since ISRO has not yet flown a semi-cryogenic engine, which uses a mix of liquid and gas fuel. The launch was successful, meeting all mission objectives. The vehicle was entirely designed in-house and powered by the 3D-printed engine. This was also India’s first flight using a semi-cryogenic engine.
Before this successful launch, the company faced several delays. A test flight earlier this week was canceled just seconds before launch, marking the fourth such cancellation in three months. Previous attempts to launch Agnibaan on March 22 and April 6 were also delayed due to various issues.
A K Bhatt on Agnikul’s Historic Achievement
“What Agnikul has achieved today is a historical milestone, similar to India’s first rocket launch in 1963 from Thumba. This is a proud moment for India’s growing private space industry and shows a promising future. Our hearty congratulations to the entire team and best wishes for their future efforts,” said A K Bhatt, director general of the Indian Space Association (ISPA).
“This significant launch, along with the new guidelines for the Indian Space Policy 2023 and new FDI regulations, will boost global confidence in India’s private space industry and its capabilities,” he added.
Agnibaan Rocket and Agnikul’s Achievements
According to Agnikul Cosmos, the Agnibaan rocket is a customizable, two-stage launch vehicle that can carry up to 300 kg of payload to orbits nearly 700 km high. For comparison, SpaceX’s Falcon Heavy can carry 63,500 kg to low Earth orbit. In November 2022, Skyroot Aerospace became the first private company to develop and launch a rocket, Vikram-S, on a suborbital flight from SDSC SHAR.
Agnikul Cosmos, founded in 2017 by Srinath Ravichandran, Moin SPM, and IIT Madras professor SR Chakravarthy, became the first Indian firm to sign an agreement with ISRO in December 2020. Under the IN-SPACe initiative, this agreement gave Agnikul access to ISRO’s expertise and facilities. Agnikul is one of India’s highest-funded space startups, having raised $42 million so far.
Agnikul’s Recent Funding and Financial Performance
Agnikul recently raised INR 200 crore in its Series B funding round from investors like Celesta Capital, Rocketship.vc, Artha Venture Fund, and Mayfield India.
In FY23, Agnikul’s net loss more than doubled to INR 20.2 crore as the company continued to invest in its business while operating revenue remained zero. In FY22, Agnikul reported a loss of INR 9 crore on a total revenue of INR 2.2 crore. The startup’s revenue increased by 31.8% to INR 2.9 crore in FY23.
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