Agnikul’s pre-money valuation has zoomed 5x to $180 Mn, the sources added. Agnikul’s last reported valuation was $35 Mn when it raised $11 Mn in its Series A funding round last year.
Spacetech startup Agnikul, incubated at IIT Madras, has raised $20 Mn in its ongoing Series B round from Silicon Valley-based venture capital (VC) firm and existing investor Rocketship.vc.
The VC firm marked the closure of its third fund with a corpus of $125 Mn in July 2022. Rocketship.vc has backed many Indian startups, including Khatabook, Jar, and Teachmint among others. Meanwhile with the fresh funds raise, Agnikul’s pre-money valuation has zoomed 5x to $180 Mn, the sources added. Agnikul’s last reported valuation was $35 Mn when it raised $11 Mn in its Series A funding round last year.
Earlier, sources had reported that the Chennai-based startup was looking to raise $40 Mn as part of its Series B funding round at a valuation of $250 Mn. However, one of the sources said that while Agnikul is in talks with various investors, including HNIs and family offices, for the fundraise, it has only been able to get a valuation of $180 Mn for now.
Founded in 2017 by Srinath Ravichandran and Moin SPM, Agnikul is the first startup to sign an agreement with the Indian Space Research Organisation (ISRO) under the Indian government’s IN-SPACe initiative to get access to the space agency’s expertise and its facilities to build Agnibaan.
