EV Components Startup Indigrid Technology Secures $5M Funding from Cactus Partners

Indigrid Technology funding

Three points you will get to know in this article:

  • Indigrid Technology secures $5M (Rs 42Cr) for EV component production and market presence.
  • Manesar startup focuses on talent for EV market.
  • Funding crucial for product quality and EV market growth.

Introduction Indigrid Technology

Indigrid Technology logo

Indigrid Technology is a dynamic and forward-thinking company dedicated to revolutionizing electric mobility in India. The company is committed to providing cutting-edge solutions that accelerate the adoption of electric vehicles. They offer advanced battery packs, robust charging infrastructure, and other sustainable solutions to cater to the evolving needs of their customers. Indigrid Technology is focused on customer satisfaction and corporate responsibility while driving the transition towards a greener and more sustainable future.

Securing Funding from Cactus Partners

Indigrid Technology, a startup specializing in electric vehicle components, has secured $5 million in funding from Cactus Partners in its inaugural institutional funding round. The company plans to utilize the investment to increase production capacity, broaden its product range, and explore additional growth opportunities. Located in Manesar, Haryana, Indigrid Technology is focused on enhancing its presence in the swiftly changing EV market.

Indigrid Technology intends to utilize the investment to improve its product development initiatives, meet the growing demand in the electric vehicle (EV) market, and broaden its reach in India and around the world. The company will also prioritize talent acquisition, training, and development to strengthen its team. Co-founders Sameer Narang and Rishab Puri have underscored the significance of this funding in advancing their product development endeavors and upholding top-notch quality standards.

Founders' Vision and Quality Standards

Established in 2017 by Sameer Narang and Rishab Puri, Indigrid Technology specializes in two primary sectors: electric vehicle components and contract manufacturing within the electronics system design and manufacturing field. The company caters to a wide-ranging clientele that includes prominent names such as JP Minda, Hella, Revolt, Bounce, and Xidda. Indigrid’s manufacturing facilities are situated in Manesar, Haryana.

Cactus Partners' Confidence and Growth Acceleration

Amit Sharma, General Partner at Cactus Partners, is confident in Indigrid Technology’s ability to become a key player in the expanding EV ecosystem in India. “We believe that now is the opportune time for Indigrid to capitalize on its early achievements and position itself as a prominent model for the ‘Make in India’ initiative. In accordance with our approach, Cactus will provide the company with our growth acceleration playbook (GAP),” Sharma stated.

Cactus Partners' Investment Focus

Cactus Partners is an early growth-stage venture capital fund that has been making investments since January 2021. The fund has a wide sector focus, which includes climatetech, healthtech, and B2B SaaS businesses. Their recent $5 million( Rs 42Cr)  investment in Indigrid Technology marks their seventh investment and their second in the EV component manufacturing space.

Indigrid Technology, a startup focusing on electric vehicle components, has secured $5 million( Rs 42Cr)  from Cactus Partners to bolster production capacity, product range, and market expansion. The company, based in Manesar, Haryana, prioritizes talent acquisition to meet the surging demand in the EV market. Co-founders Sameer Narang and Rishab Puri highlight the funding’s role in advancing product development and maintaining exceptional quality. With a clientele including JP Minda and Hella, the company’s specialization spans electric vehicle components and contract manufacturing. Cactus Partners’ investment underscores their confidence in Indigrid’s potential to thrive in India’s evolving EV landscape.

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