Cactus Partners, an early growth-stage venture capital fund, has contributed $5 million to the startup Indigrid Technology, which makes electric car components. For the startup, this is the first institutional funding round.
Indigrid Technology, a Manesar, Haryana-based manufacturer, plans to use the funds for several growth efforts, including increasing production capacity and diversifying its product lines.
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The funding for Indigrid Technology represents Cactus’s eighth investment and its second in the EV component manufacturing industry. The fund began investing in January 2021 and has since pulled out of investments in companies like Vitraya, AMPM, Auric, Lohum, and Rubix.
The two primary business segments of Indigrid Technology are contract manufacturing in the electronics system design and production sector and EV components.
Sameer Narang and Rishab Puri, co-founders, Indigrid, said: “This investment will enable us to boost our product development efforts, ensuring we stay ahead of the high growth demand curve in the rapidly evolving EV market. Our focus on creating high-quality and reliability is paramount, and this partnership will support and enhance our mission,”
Amit Sharma, General Partner, Cactus, said: “We believe the time is right for Indigrid to build upon its initial success and establish itself as a critical member of the growing EV ecosystem in the country. Indigrid will be a leading example for the ‘Make in India’ initiative. In line with our strategy, Cactus will support the company with our growth acceleration playbook (GAP),”
About Indigrid Technology
Founded in 2016 by Sameer Narang and Rishab Puri, Indigrid is a dynamic and forward-thinking company dedicated to revolutionizing electric mobility in India.
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