Deep-tech startup Chakr Innovation raised $23 million (Rs 193.5 crore) in a Sequence C funding spherical on Monday, September 22. The spherical was led by Iron Pillar.
Backed by SBI Cap Ventures, ONGC, IAN, and Inflexor, the corporate plans to utilise the freshly raised capital to increase its manufacturing capability, speed up worldwide market development, and facilitate backward integration.
The funding may also bolster New Delhi-headquartered Chakr Innovation’s analysis and growth efforts to construct superior applied sciences inside the clean-tech house, the corporate mentioned in a press release.
“This funding is a serious step towards realising our imaginative and prescient of constructing world-class materials science applied sciences from India. With these assets, we’ll increase globally, strengthen our R&D capabilities, and set up the nation’s first devoted supplies science centre targeted on important supplies,” Kushagra Srivastava, Founder and CEO of Chakr Innovation, mentioned.
With manufacturing services in Gurugram and Pune, Chakr Innovation works in materials science know-how, having developed Chakr Protect, India’s first licensed retrofit emission management machine (RECD) for inside combustion engines. The corporate has additionally developed an IoT-enabled distant diesel generator monitoring system alongside metal-air battery options.
With this newest infusion, Chakr Innovation’s complete funding raised stands at $30 million.
