In a momentous development for Indigrid Technology, a prominent player in the electric vehicle (EV) industry, the company has successfully secured $5 million in its first-ever Series A funding round, spearheaded by Cactus Partners. This accomplishment signifies a crucial juncture for the company as it gears up to revolutionize the realm of EV components.
Founded in 2015 by Sameer Narang and Rishab Puri, Indigrid Technology has swiftly emerged as a frontrunner in the EV sector. Boasting a wide array of offerings, including in-house design and manufacturing capabilities, the company has garnered acclaim for its steadfast dedication to quality and ingenuity.
Prior to this institutional round, Indigrid had leaned on funding from family, friends, and angel investors. However, with the infusion of $5 million, the company is poised to significantly expedite its growth trajectory. The funds will be directed towards pivotal initiatives such as expanding production capacity, advancing research and development endeavors, bolstering working capital, and strengthening sales and marketing efforts.
Indigrid’s primary focal point lies in product development, particularly in the realm of EV powertrains. By prioritizing top-notch quality and dependability, the company aims to stay at the forefront of the swiftly evolving EV market. Co-founder Sameer Narang underscores the significance of this investment in fortifying their mission and meeting the surging demand for cutting-edge EV solutions.
At the heart of Indigrid’s offerings is its battery pack assembly, tailored to meet the evolving requirements of two and three-wheeler EVs through modular designs conducive to swapping. The company also manufactures crucial components for EV drivetrains, as well as sensors and hardware pivotal for operating battery swapping stations—a testament to its comprehensive approach to fostering EV adoption.
In addition to 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 versatile approach underscores the company’s ability to explore diverse avenues for technological innovation.
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 forward, 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 an unwavering dedication to innovation and a strategic infusion of capital, the company is well-positioned to carve a definitive niche in the burgeoning EV landscape, propelling India towards a greener, more electrified future.