Indian ESDM startup IndiGrid Technology raises $4 million
IndiGrid said the fresh funding will be used to enhance production capacity and offerings, boost automation, accelerate hiring, and bolster its presence in India and abroad.
Indian ESDM startup IndiGrid Technology has raised USD 4 million in a funding round from existing investor Cactus Partners.
The Gurugram-based company had earlier raised USD 7.72 million from Cactus Venture Partners. IndiGrid said the fresh funding will be utilized to enhance production capacity and offerings, boost automation, accelerate hiring, and strengthen its presence in India and abroad. Specifically, the new capital may be used to set up a new plant in Goa.
“We are delighted and privileged to continue our partnership with CPL as we enter the next phase of our growth journey,” Sameer Narang and Rishab Puri, co-founders, Indigrid said, according to a report by BW Disrupt. “The additional investment comes at a pivotal time when demand across automotive, EV, and consumer electronics segments is accelerating sharply.”
The company’s offerings include EV powertrain products and electronic design and manufacturing services tailored for the EV and sustainable technology sectors. The company produced electrical components for EVs before moving into motor and vehicle control units for two-wheelers, according to a report by Entrepreneur India.
