Chakr Innovation Secures $23M for Global Expansion and R&D Boost

Deep-tech startup Chakr Innovation announced on Monday the successful raising of USD 23 million (Rs 193.5 crore) in a Series C funding round led by Iron Pillar. The company, with backing from SBI Cap Ventures, ONGC, IAN, and Inflexor, aims to use the capital influx to expand its manufacturing infrastructure, propel global market entry, and implement backward integration strategies. This substantial funding will also support the company's R&D initiatives focusing on advanced technologies within the clean-tech sector.

The investment is viewed as a pivotal move towards achieving Chakr Innovation's goal of developing world-class material science technologies in India. "With these resources, we will expand globally, enhance our research capabilities, and establish the nation's first dedicated materials science center targeting critical materials," stated Kushagra Srivastava, Founder and CEO of Chakr Innovation.

Operating manufacturing units in Gurugram and Pune, Chakr Innovation specializes in material science technology. Their innovations include the Chakr Shield, India's first certified retrofit emission control device for internal combustion engines, and an IoT-enabled remote diesel generator monitoring system, alongside innovative metal-air battery solutions. With this latest funding round, Chakr Innovation's total raised capital has now reached USD 30 million.

(With inputs from agencies.)