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EV Component Maker Indigrid Technology Bags $5 Mn

Inc42 · 1y ago

EV Component Maker Indigrid Technology Bags $5 Mn

Indigrid Technology, a full stack EV component provider, has raised funding in a round led by Cactus Partners. The funding will be used to expand production capacity and invest in research and development for its EV and ESDM verticals. Founded in 2015, Indigrid Technology has in-house design and manufacturing capabilities.

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IndiGrid raises $4 Mn led by Cactus Venture Partners

Entrackr

Entrackr · 5d ago

IndiGrid raises $4 Mn led by Cactus Venture Partners

IndiGrid raises $4 Mn led by Cactus Venture Partners Electric vehicle (EV) component maker IndiGrid Technology has raised $4 million (about Rs 35.2 crore) as part of a strategic funding round from existing investor Cactus Partners. Electronics systems design and manufacturing startup IndiGrid Technology has raised $4 million (about Rs 35.2 crore) as part of a strategic funding round from existing investor Cactus Partners. The proceeds will be allocated towards expanding production capacity and offerings, enhancing automation, ramping up hiring and broadening presence both in India and other global markets, IndiGrid Technology said in a press release. Co-founded in 2015 by Sameer Narang and Rishab Puri, IndiGrid Technology is a full stack electronics component manufacturer with in-house design and manufacturing capabilities. The electronics system design and manufacturing (ESDM) startup makes battery packs, motor controllers, vehicle control units, components for EV drivetrains, among others. “Having matured in the automotive industry, we have diversified to increase our product portfolio by acting on the evidently growing market traction in the consumer goods sector where we began acquiring some key clients,” said Sameer Narang, co-founder of IndiGrid Technology. The latest round comes more than a year after Cactus Partners led IndiGrid’s $5 million Series A round in June 2024. Since then, the company has diversified into consumer electronics and now also caters to companies like Hella, Rosenberger, Sensetek, Sandhar, IFB, Revolt, among others. IndiGrid reported a revenue of Rs 108.5 crore in the fiscal year 2024-25 (FY25) and it is targeting a top line of Rs 350 crore to Rs 380 crore in FY26. It claims to operate at high single-digit EBITDA margin and projects to clock double-digit EBITDA margin growth in the next couple of years.

KKR-controlled IndiGrid inks $199-mn deal to acquire solar asset

VCCircle

VCCircle · 1y ago

KKR-controlled IndiGrid inks $199-mn deal to acquire solar asset

India Grid Trust (IndiGrid), controlled by private equity firm KKR, has signed a deal to acquire a 300MW solar power project in Rajasthan from ReNew Power. The enterprise valuation for the asset is estimated at INR 1,550 crore ($199 million). The deal includes an additional earn-out component of around $8 million. ReNew will transfer the outstanding debt of the asset to IndiGrid, resulting in a cash inflow of nearly $82 million. This acquisition will increase IndiGrid's portfolio of operating solar assets to over 1 GW peak capacity.

Can Indigrid End India’s Dependence On Imported EV Parts?

Inc42 · 10m ago

Based in Delhi NCR, Indigrid Technology is an ESDM startup that ventured into the EV market in late 2022 to provide domestic power solutions to Indian OEMs. They began by manufacturing battery packs for EV two-wheelers, subsequently expanding to erickshaws, electric three-wheelers, and airport ground support vehicles. In FY22, the company generated revenue of INR 33.5 Cr, which increased to INR 70.2 Cr in FY23. Profit also nearly doubled to INR 80.7 Lakh during the same period. Indigrid plans to further expand its capacities in EV components manufacturing in the next 12-18 months.

Indigrid Technology, Creme Castle raise early-stage funding

VCCircle

VCCircle · 1y ago

Indigrid Technology, Creme Castle raise early-stage funding

Indigrid Technologies, a maker of electric vehicle components, has raised $5 million in funding to expand its production capacity and strengthen its team. The funding round was led by Cactus Venture Partners. Indigrid aims to expand its presence in the Indian and global markets and improve its product offerings. Meanwhile, bakery brand Crème Castle has raised $838,077 in seed funding to expand its presence across 15 cities in India and set up a central facility in Uttar Pradesh. The funding round was backed by investors including V3 Ventures and Amit Jain from CarDekho.

KKR-backed IndiGrid secures $300 mn funding for new green energy platform

VCCircle

VCCircle · 10m ago

KKR-backed IndiGrid secures $300 mn funding for new green energy platform

KKR-backed IndiGrid has secured $300 million funding from overseas development financiers to establish a green energy platform in India. The funding was provided by British International Investment, Norwegian Climate Investment Fund, and KLP. The new platform, called EnerGrid, will focus on developing greenfield transmission and standalone battery energy storage system projects in India. IndiGrid is the country's first infrastructure investment trust in the power sector and has assets under management of over Rs 29,700 crore. The funding will help IndiGrid create a growth pipeline in the under-construction space and meet India's increasing power demand.

EV charging startup IPEC bags $3 Mn from Gruhas

Entrackr

Entrackr · 5m ago

EV charging startup IPEC bags $3 Mn from Gruhas

EV charging startup IPEC has secured an investment of $3 million from Nikhil Kamath and Abhijeet Pai’s Gruhas. The proceeds will be used to strengthen its aim to consolidate its leadership status in the EV charging sector and accelerate growth in the broader power electronics domain, IPEC said in a press release. IPEC was founded in 2017 by the MEHER Group, together with DEKI Electronics & Sungho Electronics, with Zohra Khan as its CEO. The platform offers a range of EV charging products that include private, portable, and public chargers as well as EV Connectors and Vehicle Charging Inlets. These products are fully compliant with various national and international standards and the latest localisation regulations, including the PM E-Drive and PLI Scheme. Beyond hardware, IPEC also offers Cloud-based Charging Management Systems (CMS) and a user-friendly mobile app for real-time control and insights. IPEC is an approved supplier to leading EV OEMs like Ather Energy, Bajaj Auto, Greaves (Ampere), and more. The Bengaluru-based company aspires to drive energy transition in e-mobility with intelligent, reliable, and cost-effective charging solutions at scale that address India’s specific needs and the rising demand for locally manufactured alternatives. IPEC claims to have witnessed a 40% growth in revenue in FY25 and anticipates doubling its revenue in FY26. The company also plans to expand its avenues and capabilities into global markets. It claims to have delivered over 1 million EV charging products to the top EV OEMs in India and is gearing up to expand its manufacturing capacities to 50,000 units per month.

Beyond Snack bags $8.3 mn; Dr. Doodley, Revivo get pre-seed cheques

VCCircle

VCCircle · 8m ago

Beyond Snack bags $8.3 mn; Dr. Doodley, Revivo get pre-seed cheques

Beyond Snack, a banana chips maker, raised $8.3 million in Series A funding led by 12 Flags Group and others, aiming to expand globally and innovate products. Pet healthcare startup Dr. Doodley secured pre-seed funding to expand its veterinary services, while laundry service Revivo received pre-seed investment from Inflection Point Ventures to enhance technology and branding. Beyond Snack operates in 12 countries and seeks further growth, and Dr. Doodley serves 2,000 customers recently.

Zetwerk Bags Order From Indian Oil To Set Up 1,400 EV Chargers

Inc42 · 1y ago

Zetwerk Bags Order From Indian Oil To Set Up 1,400 EV Chargers

Contract manufacturing unicorn Zetwerk has received an order from the Indian Oil Corporation (IOC) to set up over 1,400 electric vehicle (EV) chargers at IOC's petrol stations across India. Zetwerk will deploy chargers with capacities of 50-60 kW and 100-120 kW, capable of charging two vehicles simultaneously. This deal is seen as a significant win for Zetwerk as it expands in the renewable energy sector after venturing into IT hardware and EV component manufacturing last year. The startup has also allocated INR 1,000 crore ($122 million) to invest in electronics manufacturing.

Mobility startup Yulu bags $19 mn from existing investors

VCCircle

VCCircle · 1y ago

Mobility startup Yulu bags $19 mn from existing investors

Yulu, a shared electric two-wheeler mobility company, has raised $19.25 million in equity funding from existing investors Magna and Bajaj Auto. Bajaj Auto invested $5.8 million for a 1% stake in the company, bringing its total stake to 18.8%. The additional capital will be used to support Yulu's growth and expand its operations and technology innovation. Yulu currently operates in several Indian cities and offers electric bike rental services and EV charging and battery swapping networks. The company is also planning to raise its Series C funding round in the near future.

SEBI approves IPOs of Ather Energy, Leela Hotels owner, 4 others

Inshorts · 8m ago

SEBI approves IPOs of Ather Energy, Leela Hotels owner, 4 others

SEBI has approved the IPOs of EV maker Ather Energy and Leela Hotels' parent firm Schloss Bangalore. Oswal Pumps, Quality Power Electrical Equipments, Ivalue Infosolutions and Fabtech Technologies also received the SEBI nod to launch their IPOs. Schloss' IPO will be worth ₹5,000 crore, while Ather's IPO will have a fresh issue worth ₹3,100 crore and an offer-for-sale component.

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