EV component startup Indigrid Technology raises $5M from Cactus Partners

Electric vehicle component startup Indigrid Technology has raised $5 million in funding from Cactus Partners, marking its first institutional round of funding. 

The startup will use the raised capital to expand production capacity, diversify product offerings, and pursue other growth initiatives. Indigrid Technology, based in Manesar, Haryana, aims to strengthen its position in the rapidly evolving electric vehicle (EV) market.

What is the purpose of fundraising?

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.

Co-founders Sameer Narang and Rishab Puri emphasized the importance of this funding in boosting their product development efforts and maintaining high-quality standards.

What does Indigrid Technology do?

Founded in 2017 by Sameer Narang and Rishab Puri, Indigrid Technology operates in two main areas: electric vehicle components and contract manufacturing in the electronics system design and manufacturing segment.

The startup serves a diverse client portfolio, including names like JP Minda, Hella, Revolt, Bounce, and Xidda. Indigrid's manufacturing operations are located in Manesar, Haryana.

Investor comments

Amit Sharma, General Partner at Cactus Partners, expressed confidence in Indigrid Technology's potential to establish itself as a critical member of the growing EV ecosystem in India.

"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)," Sharma said.

Cactus Partners, an early growth-stage venture capital fund, has been investing since January 2021. The fund has a broad sector focus, including climatetech, healthtech, and B2B SaaS businesses. The $5 million investment in Indigrid Technology is Cactus Partners' seventh investment and its second in the EV component manufacturing space.