Chakr Innovation Secures $23 Million in Series C Funding

Chakr Innovation, a cleantech startup located in New Delhi, has successfully raised $23 million (Rs 193.5 crore) in its Series C funding round led by Iron Pillar. This round also included contributions from existing investors such as SBI Cap Ventures, ONGC, IAN, and Inflexor.

Utilisation of Funds for Growth and Innovation

The newly acquired funds will be utilized to enhance manufacturing capabilities, promote international expansion, and fortify backward integration. A considerable part of the investment will also focus on research and development, specifically targeting indigenous energy storage technologies that aim to reduce India’s dependence on lithium-ion batteries.

About Chakr Innovation

Founded in 2016 by graduates from IIT Delhi, Chakr Innovation is recognised for its product, Chakr Shield, which is India’s first certified retrofit emission control device designed for diesel generators, cutting particulate emissions by more than 80%. The company boasts over 5,000 installations and has served 2,000 customers, claiming a reduction of more than 2.5 million tonnes of CO₂ equivalent emissions.

Innovative Alternatives to Lithium-Ion Solutions

This startup is also pioneering Aluminium-Air battery technology using completely indigenous raw materials, offering a viable alternative to traditional lithium-ion solutions. Its product line features DeNOx systems, DG remote monitoring IoT solutions, and Metal-Air batteries.

Future Plans and Vision

Kushagra Srivastava, the co-founder and CEO of Chakr Innovation, expressed that this funding represents a significant advancement towards achieving their vision of creating world-class material science technologies in India. With these resources, the company aims to expand its global reach, enhance R&D efforts, and establish India’s first dedicated materials science centre.

Company Profile

Chakr Innovation employs over 450 individuals, including 200 engineers and scientists. They operate manufacturing facilities in Gurugram and Pune and have filed 42 patent applications to date. In November 2021, the company raised an undisclosed amount in its Series B funding round, led by SBICap Ventures’ Neev Fund II.

Iron Pillar’s Global Cloud Fund II

In April 2023, venture capital firm Iron Pillar secured $129 million for its Global Cloud Fund II, which is focused on investing in Series B and C funding rounds for Indian cloud software and SaaS companies that cater to global markets.