November 30, 2022
November 30, 2022
min Read

Agnikul Cosmos launches India’s first private launchpad, Spintly’s smart building solution, and Buyofuel makes purchase of alternative fuel easy


In the Indian startup ecosystem today, innovation spans the land, sky, and the vast spaces of the outer world – as seen with some of our portfolio companies this past month. Spacetech startup Agnikul Cosmos continues to lead the charge in India’s spacetech market by launching the country’s first privately designed and operated launchpad while Skye Air Mobility is ready to take drone delivery up a notch, post raising $1.7 M in a seed round of funding. 

Here’s a closer look at what LetsVenture startups have been upto in the month of November.

Agnikul Cosmos: Bringing space closer to home


Startup Name: Agnikul Cosmos

Sector: Spacetech

Founders: Srinath Ravichandran, Moin SPM, Satyanarayanan Chakravarthy, and Janardhana Raju

Journey so far: Spacetech startup Agnikul Cosmos scripted history in the space industry by launching India’s first privately designed and operated launchpad at the Satish Dhawan Space Center in Sriharikota. The facility was inaugurated by ISRO chairman and secretary of Department of Space S. Somanath with top officials from ISRO center in attendance. 

The Chennai-based startup plans to use the launchpad to test launch its Agnibaan launch vehicle. Founded in 2017, the startup also raised $20 M as part of its Series B round. Last year, it had signed a memorandum of understanding (MoU) with the Department of Space to access ISRO's facilities and expertise. 

PM Narendra Modi at the exhibit of Agnikul's customisable rocket Agnibaan with Moin SPM (left) and Srinath Ravichandran (right), co-founders of Agnikul Cosmos in June this year.

Spintly: New-age smart building solution 


Startup Name: Spintly 

Sector: SaaS

Founders: Rohin Parkar and Malcolm Dsouza

Journey so far: Goa-based startup Spintly raised $2.5 million in a pre-series A round of funding from LetsVenture and a host of other investors. Spintly is a SaaS-based startup offering physical access control enabling door access through smartphones to commercial and residential buildings. 

Founded in 2018 by Rohin Parkar and Malcolm Dsouza, the startup is using the fund to strengthen its research and development capabilities and growth in the global market including the United States. Besides expanding the US team, Spintly aims to venture into new segments such as education, residential, data centers, enterprise and government.    

Skye Air: It’s a bird, it’s a plane, it’s a drone delivery startup 


Startup Name: Skye Air Mobility 

Sector: Logistics/Deeptech

Founders: Chandra Prakash, Swapnik Jakkampudi, and Anurag Kanti

Journey so far: Drone delivery startup Skye Air Mobility has raised $1.7 million in a seed round of funding with participation from LetsVenture. Based in New Delhi, Sky Air has ventured into the agricultural sector, ecommerce, and healthcare. 

Present in eight cities across India,the startup has partnered with companies like Flipkart, Dunzo, Swiggy, Redcliffe Labs, Aster Healthcare, Blue Dart, Cure Foods, among others. In August, it ran a pilot project for medical deliveries with Flipkart Health. 

Skye Air has also formed partnerships with state governments to expand the business and hopes to be present in 16 cities in the next two years.

Buyofuel: Fuelling the green revolution


Startup Name: Buyofuel

Sector: Ecommerce

Founders: Kishan Karunakaran, Venkateswaran Selvan, Sumanth Kumar, and Prasad P Nair

Journey so far: Alternative fuels marketplace Buyofuel has raised over Rs 11.5 Cr  in a Pre-Series A round led by a host of investors including LetsVenture. The funding will help Buyofuel boost its product offerings, technology, and expansion. 

Founded in Buyofuel 2020, the platform enables trading of Biofuel-based commodities for verified buyers and sellers. It helps non-renewable fuel consumers move to low or zero emission fuels and biofuels by connecting raw material aggregators, biofuel makers, fuel customers, and waste generators.

Prodo: Made-to-order manufacturing 

Startup Name: Prodo

Sector: Ecommerce

Founders: Sameen Husain and Abhiroop Srivastava

Journey so far: On-demand manufacturing and procurement startup Prodo has raised $1 million in a seed round of funding with participation from LetsVenture and other investors.

Prodo is a B2B ecommerce platform founded by Sameen Husain and Abhiroop Srivastava in May 2021 with an aim to simplify manufacturing and procurement by helping mid and large companies with bulk manufacturing requirements by leveraging data to match the right manufacturing unit. It also allows customers to track the journey of the production cycle from design to production and delivery in real-time.

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