Deeptech startup Chakr Innovation raises $23M
The New Delhi-based startup will use the funds to expand its manufacturing capacity, accelerate international market growth, and facilitate backward integration.
Deep-tech startup Chakr Innovation raised $23 million (Rs 193.5 crore) in a Series C funding round on Monday, September 22. The round was led by Iron Pillar.
Backed by SBI Cap Ventures, ONGC, IAN, and Inflexor, the company plans to utilise the freshly raised capital to expand its manufacturing capacity, accelerate international market growth, and facilitate backward integration.
The funding will also bolster New Delhi-headquartered Chakr Innovation's research and development efforts to build advanced technologies within the clean-tech space, the company said in a statement.
"This funding is a major step toward realising our vision of building world-class material science technologies from India. With these resources, we will expand globally, strengthen our R&D capabilities, and establish the country's first dedicated materials science centre focused on critical materials," Kushagra Srivastava, Founder and CEO of Chakr Innovation, said.
With manufacturing facilities in Gurugram and Pune, Chakr Innovation works in material science technology, having developed Chakr Shield, India's first certified retrofit emission control device (RECD) for internal combustion engines. The company has also developed an IoT-enabled remote diesel generator monitoring system alongside metal-air battery solutions.
With this latest infusion, Chakr Innovation's total funding raised stands at $30 million.