Chakr Innovation, a cleantech startup backed by ONGC, has raised $23 million (INR 193.5 crore) in its Series C funding round, led by Iron Pillar.
Existing investors like SBI Cap Ventures, ONGC, IAN, and Inflexor also joined the round.
The startup plans to use the money to expand manufacturing, grow in global markets, strengthen its supply chain, and invest in research and development (R&D).
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 homegrown 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’’.
Chakr Innovation was founded in 2016 by IIT Delhi alumni Srivastava. The company is best known for Chakr Shield, India’s first certified retrofit device for diesel generators that cuts particulate emissions by more than 80%.
With over 5,000 installations and 2,000 customers, Chakr Innovation says it has helped reduce 2.5 million tonnes of CO₂ equivalent emissions.
The startup is also developing Aluminium-Air battery technology using only local raw materials as an alternative to lithium-ion batteries.
Its products include DeNOx systems, DG remote monitoring IoT solutions, and Metal-Air batteries.
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