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Agnikul Raises $11 Million in Series B Funding
Agnikul, a startup focused on developing space technology, has raised $11 million in its latest funding round. The investment comes from existing investors Celesta Capital, Rocketship.vc, and Artha Select Fund.
Growth of Indian Space Tech Industry
The article highlights the growth of India’s space tech industry over the past few years. With over 150 space tech startups and significant investments from Big Tech companies like Google and Microsoft, the country has emerged as a major player in the space sector.
Guidelines for Private Sector
India introduced its anticipated space policy in April this year, detailing public and private cooperation guidelines. However, the industry demands clarity on foreign direct investments in Indian space tech startups and the recently released guidelines for the private sector.
Equity Investments Surge
Equity investments in the Indian space tech startup ecosystem soared nearly 312% to $114.9 million in 2022 from $27.9 million in 2020, according to data shared by analyst firm Tracxn.
Existing Investors Participate
Agnikul’s existing investors Artha Venture Fund, Pi Ventures, Speciale Invest, and Mayfield India also participated in the latest funding round.
Total Funding Raised
The startup has raised $40 million in capital to date, including the previous Series A round of $11 million in May 2021.
