The round also saw the participation of Hari Kumar (LionRock Capital), Artha Ventures, LetsVenture, Globevestor, CIIE and existing investor Speciale Invest, the startup said in a statement.
Agnikul plans to use these funds for ground testing, fabrication and team expansion.
Agnikul, operating out of the National Centre for Combustion Research at IIT Chennai, is developing a satellite launch vehicle for a payload capacity of up to 100 kgs. The vehicle is configurable and can support the payload range of 30-100 kgs without impacting the economics.
Since the engine is fully 3D printed, the manufacturing complexity associated with traditional rocket engines is moved to the design in their case, making it an easier and cheaper fabrication process that will be able to deliver launch vehicles within a few weeks, pretty much on demand.
INDIA DEAL MONITOR
Here are some prominent venture capital transactions in India from March 17-19, 2020.