Indigrid Technologies infuses $5 million fund in their first institutional Funding Round
Electric Vehicle component maker Indigrid Technologies has raised $5 million fund from Cactus Partners, marking its first institutional round of funding. The startup intends to utilize the raised capital to expand production capacity, diversify product offerings, and pursue other growth initiatives.
Indigrid Technology, is based in Manesar, Haryana, aims to strengthen its position in the rapidly evolving electric vehicle (EV) market.
Indigrid Technology plans to use the investment to enhance its product development efforts, meet the increasing demand in the EV market, and expand its presence both in India and globally. The startup will also focus on talent acquisition, training, and development to strengthen its team.
The co-founders Sameer Narang and Rishab Puri highlighted the importance of his funding in boosting their product development efforts and maintaining high-quality standards. The company was started in 2017 by Sameer Narang and Rishab Puri. It mainly operates in two areas electric vehicle components and contract manufacturing in the electronics system design and manufacturing segment.
The startup is managing diverse client portfolio, including names like JP Minda, Hella, Revolt, Bounce, and Xidda. Indigrid's manufacturing operations are located in Manesar, Haryana.
Amit Sharma, General Partner at Cactus Partners, is very much confidence about the spearheading qualities of Indigrid Technology to establish itself as a critical member of the growing EV ecosystem in India.
He said, “We believe the time is right for Indigrid to build upon its initial success and establish itself as 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)."
An early growth-stage venture capital fund, Cactus Partners has been investing in the company since 2021.The fund maintains a wide-ranging sector emphasis, encompassing climatetech, healthtech, and B2B SaaSenterprises. Cactus Partners' recent investment of $5 million in Indigrid Technology marks their seventh investment overall and their second within the EV component manufacturing sector.
Indigrid Technology, is based in Manesar, Haryana, aims to strengthen its position in the rapidly evolving electric vehicle (EV) market.
Indigrid Technology plans to use the investment to enhance its product development efforts, meet the increasing demand in the EV market, and expand its presence both in India and globally. The startup will also focus on talent acquisition, training, and development to strengthen its team.
The co-founders Sameer Narang and Rishab Puri highlighted the importance of his funding in boosting their product development efforts and maintaining high-quality standards. The company was started in 2017 by Sameer Narang and Rishab Puri. It mainly operates in two areas electric vehicle components and contract manufacturing in the electronics system design and manufacturing segment.
The startup is managing diverse client portfolio, including names like JP Minda, Hella, Revolt, Bounce, and Xidda. Indigrid's manufacturing operations are located in Manesar, Haryana.
Amit Sharma, General Partner at Cactus Partners, is very much confidence about the spearheading qualities of Indigrid Technology to establish itself as a critical member of the growing EV ecosystem in India.
He said, “We believe the time is right for Indigrid to build upon its initial success and establish itself as 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)."
An early growth-stage venture capital fund, Cactus Partners has been investing in the company since 2021.The fund maintains a wide-ranging sector emphasis, encompassing climatetech, healthtech, and B2B SaaSenterprises. Cactus Partners' recent investment of $5 million in Indigrid Technology marks their seventh investment overall and their second within the EV component manufacturing sector.
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