(MENAFN- Trend News Agency ) Billionaire and Mahindra Group chairman Anand Mahindra along with top Silicon Valley investors Naval Ravikant and Balaji Srinivasan are backing space tech start-up Agnikul as part of a new funding round.
Chennai-based Agnikul said, on Thursday, that it has raised $11 million in Series A funding round led by Mayfield India.
It is the largest funding round for a private Indian space technology company in the country.
Existing investors pi Ventures, Speciale Invest and Artha Venture Fund also invested in this round.
The round also saw participation from Beenext, Globevestor, LionRock Capital. Other prominent angel investors, which have invested include Nithin Kamath, Abhishek Singhania, Aarthi Ramamurthy and Sriram Krishnan, Anicut Angel Fund and LetsVenture.
The funds will be deployed to strengthen and build robust technology infrastructure.
The firm would also use the capital to expand ground testing and build a world class team.
The company said this would help it become India's first private player to launch satellites in space.
''In these difficult times for humanity as a whole, we are thankful to be able to find excitement, as our investors continue to reaffirm their confidence in our strategy of democratizing small satellite launches,'' said Srinath Ravichandran, co-founder and CEO, Agnikul.
''We are thankful to have ISRO's guidance and happy that the Government is enabling private space tech ventures.
"With this support from the Government and investors, we look forward to an exciting next step for our company and in the process, simplifying access to space.''
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