Indigrid Technology, a leading electric vehicle (EV) solutions provider, has recently secured a significant milestone by raising $5 million in its maiden Series A funding round. This funding, spearheaded by Cactus Partners, marks a pivotal moment for the company as it gears up to revolutionize the EV component landscape.
Innovative Beginnings
Founded in 2015 by Sameer Narang and Rishab Puri, Indigrid Technology has quickly emerged as a frontrunner in the EV sector. With a comprehensive suite of offerings, including in-house design and manufacturing capabilities, the company has garnered attention for its commitment to quality and innovation.
Empowering Growth
Prior to this institutional round, Indigrid relied on capital from family, friends, and angel investors to fuel its operations. However, with the infusion of $5 million, the company is poised to accelerate its growth trajectory significantly. The funds will be allocated towards crucial initiatives such as expanding production capacity, advancing research and development efforts, bolstering working capital, and amplifying sales and marketing endeavors.
Driving Innovation
One of Indigrid’s key focal points is its dedication to product development, particularly in the EV powertrain space. By prioritizing high-quality and reliability, the company aims to stay ahead of the curve in the rapidly evolving EV market. Cofounder Sameer Narang emphasizes the importance of this investment in fortifying their mission and meeting the escalating demand for cutting-edge EV solutions.
Leading the Charge
At the core of Indigrid’s offerings lies its battery pack assembly, tailored to accommodate the evolving needs of two and three-wheeler EVs through modular designs conducive to swapping. Moreover, the company manufactures an array of components essential for EV drivetrains, as well as sensors and hardware pivotal for operating battery swapping stations—a testament to its holistic approach towards fostering EV adoption.
Diversified Endeavors
Beyond its contributions to the EV sector, Indigrid also delves into electronics system design manufacturing (ESDM), PCB assembly, and other facets of the semiconductor manufacturing industry. This multifaceted approach underscores the company’s versatility and its capacity to explore diverse avenues for technological innovation.
Strategic Partnership
The backing of Cactus Partners, a Mumbai-based investment firm with a keen focus on cleantech, healthtech, and B2B SaaS sectors, amplifies Indigrid’s potential for transformative impact. Amit Sharma, General Partner at Cactus Partners, envisions Indigrid as a pivotal player in bolstering the “make in India” initiative, underscoring its significance in shaping the future of the EV ecosystem.
Looking Ahead
While this marks the company’s inaugural institutional round, Indigrid has its sights set on ambitious milestones, including a prospective initial public offering (IPO) by FY28. With a steadfast commitment to innovation and a strategic infusion of capital, the company is well-positioned to carve a definitive niche in the burgeoning EV landscape, driving sustainable progress and propelling India towards a greener, more electrified future.
