India’s Chakr Innovation Raises $23M to Expand Clean-Tech Manufacturing, Global Presence

Chakr Innovation, a deep-tech startup founded in 2016 by IIT Delhi alumni, has raised $23 million in a Series C funding round led by Iron Pillar, with participation from existing backers such as SBI Capital Ventures, ONGC, IAN, and Inflexor. The company plans to use the capital to expand its manufacturing capacity in Gurugram and Pune, accelerate international market growth, facilitate backward integration, and strengthen its research and development efforts in clean technology. Chakr Innovation is known for its proprietary products including Chakr Shield, India's first certified retrofit emission control device that reduces diesel generator emissions by over 80%, as well as IoT-enabled remote monitoring systems and metal-air battery solutions like aluminium-air technology, which offers an indigenous alternative to lithium-ion batteries. The funding will also support the establishment of India's first dedicated materials science center focused on critical materials, aiming to bolster India's self-reliance in this strategic sector amidst global supply chain challenges. Founder and CEO Kushagra Srivastava emphasized the strategic importance of materials science for India's innovation and sustainability goals, pointing to the company's growing global ambitions and its role in reducing dependency on foreign raw materials. With over 5,000 installations and a strong R&D team of more than 200 engineers and scientists, Chakr Innovation has achieved significant commercial and environmental impact, including a reported net profit of Rs 9.5 crore on revenues of Rs 124.8 crore in FY24.