Chakr Innovation raises $23 million in Series C round from Iron Pillar, others

ONGC-backed Chakr Innovation, a cleantech startup has raised $23 million (Rs 193.5 crore) in its Series C funding round led by Iron Pillar. 

The funding round also saw participation from existing investors including SBI Cap Ventures, ONGC, IAN, and Inflexor.

The startup said it will use the new funds to increase manufacturing, grow faster in global markets, and strengthen its supply chain. Some of the funds will also go into research and development (R&D).

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In November 2021, Chakr Innovation raised an undisclosed Series B round, led by SBICap Ventures’ Neev Fund II.

“This funding is a major step toward realising our vision of building world-class material science technologies from India. With these resources, we will expand globally, strengthen our R&D capabilities, and establish the country’s first dedicated materials science center focused on critical materials…,’ said cofounder and CEO Kushagra Srivastava.

Ashok Ananthakrishnan, partner at Iron Pillar, said, "In Chakr Innovation, we discovered a rare home grown deep tech company tackling India's pollution crisis and energy storage challenges. What attracted us to Chakr was the mission driven culture and the successful commercialisation of its R&D efforts in a short span of seven years’’.

About Chakr Innovation

Founded in 2016 by IIT Delhi alumni Srivastava, Chakr Innovation is best known for Chakr Shield, India’s first certified retrofit device for diesel generators that cuts particulate emissions by over 80%. With 5,000+ installations and 2,000 customers, it claims to have reduced 2.5 million tonnes of CO₂ equivalent emissions.

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The startup is also working on Aluminium-Air battery technology made entirely from local raw materials as an alternative to lithium-ion. Its offerings include DeNOx systems, DG remote monitoring IoT solutions, and Metal-Air batteries.

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