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Mayfield India set to lead $20m funding for space startup Agnikul

Startup is building India's first private small-satellite rocket

Founded in 2017, India's Agnikul aims to launch its first rocket around the time of this year's Diwali festival. (Screenshot from Agnikul's website) 

NEW DELHI -- Space tech startup Agnikul Cosmos, which was incubated at the Indian Institute of Technology Madras, is close to raising up to $20 million in a Series B funding round co-led by existing investor Mayfield India -- a venture capital company focused on enterprise and consumer technology startups -- and a new global investor, according to industry sources.

The financing, which will also see the participation of existing investors Artha Venture Fund and Silicon Valley-based, is expected to value the Chennai-based space tech startup at about $200 million.

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