Indigrid Technology, an electric vehicle (EV) component startup, has raised $5 million in its first institutional funding round from Cactus Partners, an early growth-stage venture capital fund. The capital will be utilized to expand production capacity, diversify product offerings, and support other growth initiatives.
Based in Manesar, Haryana, Indigrid Technology focuses on producing high-quality and reliable EV components. “This investment will enable us to boost our product development efforts, ensuring we stay ahead of the high growth demand curve in the rapidly evolving EV market,” said co-founders Sameer Narang and Rishab Puri. “Our focus on creating high-quality and reliable products is paramount, and this partnership will support and enhance our mission.”
Founded in 2017, Indigrid Technology operates in two main segments: EV components and contract manufacturing in the electronics system design and manufacturing space. The new funding marks Cactus Partners’ seventh investment and its second in the EV component manufacturing sector. Cactus Partners, which began investing in January 2021, has previously invested in companies such as Kapture, Vitraya, AMPM, Auric, Lohum, and Rubix.
“We believe the time is right for Indigrid to build upon its initial success and establish itself as a critical member of the growing EV ecosystem in the country,” said Amit Sharma, General Partner at Cactus. “Indigrid will be 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).”
Cactus Partners concluded the final close of Fund I in December last year, with a total corpus of about Rs 630 crore. The fund’s primary interests are in climate tech, health tech, and B2B SaaS businesses, with a broad sector focus.
Indigrid Technology’s innovative approach and commitment to quality position it as a significant player in the EV market. The investment from Cactus Partners is expected to drive the company’s growth and solidify its role in India’s burgeoning EV ecosystem.
