Agnikul Cosmos, the spacetech startup founded in 2017, witnessed its net loss more than double year-on-year to INR 20.2 Cr in FY23. Despite the increase in losses, the operating revenue remained at zero, reflecting the ongoing investment in the development of its private launch vehicle, Agnibaan.
The startup reported a loss of INR 9 Cr in FY22, with total revenue reaching INR 2.2 Cr. In FY23, the revenue increased by 31.8%, reaching INR 2.9 Cr. Agnikul Cosmos, incubated at the Indian Institute of Technology (IIT)-Madras, is on a mission to build India’s first private launch vehicle for small satellite rockets, aimed at reducing the reliance on expensive large launch vehicles for satellite launches.
Agnikul has also achieved a significant milestone by manufacturing a single-piece 3D-printed engine, claimed to be the first of its kind in the world. The engine was fully conceived and manufactured in India.
As of now, Agnikul Cosmos generates revenue from subsidies, awards, interest income, and other non-operating sources, highlighting its commitment to advancing its technology and infrastructure before commercial operations commence.
Agnikul’s Financial Landscape:
- Revenue Growth: While losses doubled, Agnikul’s revenue grew by 31.8% to INR 2.9 Cr in FY23 from INR 2.2 Cr in FY22, emphasizing the startup’s strategic focus on its development initiatives.
- Investment Funding: Agnikul Cosmos has secured over $60 Mn in total funding, with notable investments from Celesta Capital, Rocketship.vc, Artha Venture Fund, Artha Select Fund, pi Ventures, Speciale Invest, and Mayfield India.
Analyzing Expenses:
- Employee Benefit Expenses: Employee costs saw a substantial increase, jumping 44.8% to INR 9.7 Cr in FY23, with a significant portion allocated to salaries and stipends. Employee cost contributed 42% to the total expense in FY22.
- Depreciation and Amortizations: Spending in this category surged by 205% to INR 3.5 Cr in FY23 from INR 1.2 Cr in FY22, reflecting increased investment in assets and technology.
- Rental Cost: Agnikul’s rental expenses sharply rose to INR 3 Cr in FY23 from INR 21 Lakh in FY22, indicating infrastructure investments, possibly related to the integration of its launch vehicle at the Satish Dhawan Space Centre.
As Agnikul Cosmos progresses with the integration process of its launch vehicle at Sriharikota, the launchpad is a testament to the startup’s commitment to realizing its vision of becoming the country’s second private launch entity.
