Space tech startup Agnikul Cosmos' revenue shoots up 3X in FY24; focus on R&D
Agnikul Cosmos is focused on strengthening its technology infrastructure, expanding ground testing capabilities, and investing heavily in research and development.
Space tech firm reported a more than threefold increase in revenue in FY24 but its losses widened due to higher expenses.
The Chennai-based company reported Rs 9.3 crore in revenue for FY24, entirely from non-operating income, a 225.6% year-over-year (YoY) increase, according to its latest financial statements. It did not generate any operational revenue.
The space tech firm specialises in designing, developing, and testing hardware, such as propulsion systems and structures, and software for rapid sub-orbital, orbital, and deep-space launches of lightweight and heavy payloads or satellites.
Agnikul Cosmos, still in the pre-revenue stage, is focused on strengthening its technology infrastructure, expanding ground testing capabilities, and investing heavily in research and development—factors that continue to drive its financial losses.
Its loss widened 112.3% YoY to Rs 43 crore in FY24. It was driven by a 126.4% rise in expenses, totalling Rs 52.3 crore in FY24, as opposed to Rs 23.1 crore reported in FY23.
The losses ballooned primarily due to higher spending on employee benefits—the firm’s largest expense—which rose to Rs 17.5 crore, a nearly 80% YoY increase. Furthermore, its spending on research development expenses amounted to Rs 12.9 crore in FY24.
Agnikul Cosmos was co-founded in 2017 by Srinath Ravichandran and Moin SPM. It has secured a total equity funding of $67 million, including a Series B round of $26.7 million in 2023.
The Chennai-based firm finds itself in a sweet spot. The spotlight is on India’s affordable space launches, and it is building on this legacy by demonstrating cost-effective launches using 3D-printed rocket engines. Its Agnilet engine, first test-fired in 2021, is the world’s first single-piece 3D-printed semi-cryogenic rocket engine.
After four failed attempts, the space tech startup made history on May 30, 2024, with a triumphant sub-orbital test flight of its launch vehicle, Agnibaan SOrTeD (SubOrbital Technological Demonstrator), powered by seven Agnilet engines. It became only the second private space tech firm to achieve rocket launch success after Skyroot Aerospace’s groundbreaking Vikram S rocket launch in November 2022.
The Indian Space Research Organisation (ISRO) is playing an active role in the growth of startups in the space economy, including Agnikul Cosmos, Skyroot Aerospace, Pixxel, Dhruva Space, and Bellatrix Aerospace.
Last month, the Union Cabinet approved a Rs 1,000-crore venture capital fund for the space tech sector under the aegis of IN-SPACe.
Edited by Kanishk Singh