Chakr Innovation Raises USD 23 Mn in Series C Round Led by Iron Pillar The company plans to use the fresh capital to expand its manufacturing capacity, drive international growth, and strengthen backward integration.
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New Delhi-based cleantech startup Chakr Innovation has secured USD 23 million (approx. INR 193.5 crore) in its Series C funding round, led by venture capital firm Iron Pillar. The round also saw participation from existing backers including SBI Cap Ventures, ONGC, IAN, and Inflexor.
The company plans to use the fresh capital to expand its manufacturing capacity, drive international growth, and strengthen backward integration.
A significant part of the investment will also be directed toward research and development, particularly in indigenous energy storage technologies that reduce India's dependence on lithium-ion batteries.
Founded in 2016 by IIT Delhi alumni, Chakr Innovation is best known for Chakr Shield, India's first certified retrofit emission control device for diesel generators, which reduces particulate emissions by more than 80 percent. With over 5,000 installations across 2,000 customers, the company claims to have helped cut more than 2.5 million tonnes of COâ‚‚ equivalent emissions.
In addition to emission control technologies, Chakr Innovation is working on Aluminium-Air battery solutions developed entirely with indigenous raw materials. Its portfolio also includes DeNOx systems, DG remote monitoring IoT solutions, and Metal-Air batteries.
"This funding is a major step toward realizing our vision of building world-class material science technologies from India," said Kushagra Srivastava, Co-founder and CEO of Chakr Innovation. "With these resources, we will expand globally, strengthen R&D, and establish India's first dedicated materials science center."
The startup employs more than 450 professionals, including 200 engineers and scientists. It operates manufacturing facilities in Gurugram and Pune and has filed 42 patent applications to date.
Chakr Innovation last raised an undisclosed Series B round in November 2021, led by SBICap Ventures' Neev Fund II.
