[Funding alert] EV battery startup Grinntech closes bridge round of around $2M
, a startup specialising in lithium-ion batteries for electric vehicles (EVs) and energy storage systems, on Wednesday announced it has closed a bridge round of around $2 million, where all the existing investors have fully subscribed to the offer.
Founded in 2013 by Nikhilesh Mishra and Puneet Jain, the IIT-Madras incubated startup is currently working on technologies that can enable fast adoption of EVs.
Puneet Jain, Co-founder and Director, explained,
“We are grateful to this sign of confidence from our investors. On the back of the recent announcement from the Government of India, increasing the subsidy for EV two-wheelers and three-wheelers by 50 percent, we have already seen increased orders and enquiries. With this bridge funding secured, our plans for growth of our business remains on target.”
Grinntech’s batteries offer the combination of design sophistication and quality to ensure superior performance and durability, said a release by the company.
The company is also working on new standards in safety, intelligent controls, energy density, power management, long life, and reliability. Apart from this, it also undertakes custom battery development for customers in India and abroad.
Grinntech also announced the launch of the new Finch and Monal series of batteries and the order to develop a larger pack, incorporating advanced thermal management and utilising Grinntech’s proprietary battery management system for a US-based OEM.
“Over the past year we have added the new Finch-series for the growing demand for 48V packs for two-wheelers and the Monal-series for 48V applications for larger tree-wheelers. In addition, we are encouraged by the interest in our 100V Falcon-series, and we are working with a select number of OEMs in the EV farm-tractor and LCV space. We had founded Grinntech on the basis of technical competence and we are confident that this aspect will be appreciated by Indian customers who are increasingly looking for PLI-compliant solutions and suppliers,” added Nikhilesh Mishra, Co-founder and Director.