[Funding alert] Cleantech startup Chakr Innovation raises Series B round from Neev Fund II
, a cleantech startup, has raised an undisclosed amount as Series B growth capital from Neev Fund II, which is managed by SBICap Ventures.
Founded in 2016 by IIT Delhi graduates — Kushagra Srivastava and Bharti Singhla, Chakr Innovation has developed a device that mitigates pollution at source and captures harmful particulate matter emissions.
The startup has previously raised multiple rounds of funding, including a Series A round of Rs 19 crore led by IAN Fund and ONGC. The company had also raised seed capital from Parampara Capital and Globevestor, along with various angel investors.
India faces a serious challenge of severe air pollution
On the funding received, Kushagra and Bharti, founders of Chakr Innovation said,
“Climate action and environmental sustainability are the need of the hour to save India’s cities and clean air action has been our mission since we founded Chakr in 2016. This equity infusion will help accelerate commercialisation of our innovative technologies for climate action and also help us expand our world-class customer base.”
The startup is also working on multiple promising indigenous technologies like metal-air battery technology
The Neev Fund II was announced during the EU-India Leaders Meeting and has already secured the backing of the European Investment Bank (EIB), Foreign, Commonwealth and Development Office, UK government, and the State Bank of India (SBI). It aims to provide growth and expansion capital to SME companies working towards efficient use of raw materials, water, clean energy, sustainable mobility, and circular economy in the country.
Manav Bansal, CIO Neev Funds said, “Neev Fund has a leadership status in environmentally and socially conscious investing. With investment in Chakr the fund has unlocked their value of being the vanguard of building a new generation of climate tech SMEs.”
Globally, air pollution causes 4.2 million premature deaths every year with nine out of ten people breathing air that contains high levels of pollutants.