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Agnikul: Spacetech startup Agnikul sees FY23 loss more than double to Rs 20 crore

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Spacetech startup Agnikul Cosmos, operating in a venture capital-backed sector that is largely pre-revenue in stage, has reported net losses of Rs 20 crore. The figure, dated for the financial period ended March 2023, more than doubled from Rs 9 crore a year ago.

Total revenue, non-operating, in the latest period stood at Rs 2.86 crore, up 32% from a year ago, as per its filings with the Registrar of Companies. The company clarified that it did not generate any revenue during the reporting period.

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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 Rocketship.vc, among others. The funds were raised for building its technology infrastructure, expanding ground testing and building a team.

The company 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 opened its first launchpad and mission control centre in Sriharikota – India’s first-ever launchpad designed and operated by a private player. In November 2023, the company told ET 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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