We are discussing EV Startup Indigrid Technology Secured $5 Million in a Funding Round Led by Cactus Partners:
Indigrid Technology is an EV component manufacturing startup that recently secured $5 million in a round led by Cactus Partners, a VC fund. This was the startup’s first institutional round, and new and existing investors participated. Indigrid plans to use these fresh proceeds for expansion, product development, and other general corporate purposes.
This Haryana-based startup designs and develops Electric Vehicle components. The co-founders of Indigrid Technology, Sameer Narang and Rishab Puri, mentioned that the investment would help the startup enhance its product development while meeting market demand in the EV sector. The investment helps the firm enhance its mission and focuses on developing high-quality EV solutions. Cactus Partners has been investing in the company for a long time; this round marks the seventh investment by the firm in this startup.
Cactus Partners is an early-growth venture capital fund that has invested in various startups, including AMPM, Kapture, Vitraya, Rubix, and Lohum. The Partner at Cactus Partners, Amit Sharma, highlighted that they believe in the business model of Indigrid and that the startup can establish itself as the leader in this growing EV market in India. He mentioned that this startup will be a prime example for the Make in India program. This VC firm closed its final maiden early-stage fund at $78.5 million, aiming at health tech, climate, and SaaS startups.
Inc42 mentioned that Indigrid Technology aims to get an Initial Public Offering by FY28. This investment and the collaboration between these two companies will bring positive market shifts in the Electric Vehicle manufacturing and component design environment, leading to the growth of the company in India while solidifying its position in the global EV market. The startup manufactures and designs Electric components.
Conclusion
Haryana-based EV startup Indigrid Technology designs and develops EV components. The startup has raised a $5 million fund in its first institutional round led by early-growth stage VC firm Cactus Partners. The round had participation from several new and existing investors. The company plans to use these fresh proceeds to expand its network, meet market demand, and develop its products. This EV manufacturing firm offers electric Vehicle components and services to other businesses. This investment from Cactus Partners will enable the startup to enhance its product development while meeting the market demand.
This fund will help the firm enhance its mission and focus on developing high-quality EV solutions. Cactus Partners has been investing in the company for a long time. This round marks the seventh investment by the firm in this startup. The VC firm believes in the business model of Indigrid, and they trust that this startup can establish itself as the leader in this growing EV market in India. Amit Sharma mentioned that the startup has the potential to set a prime example for the Make in India program. This VC firm focuses on companies in the health, climate, and SaaS sectors.
