IIT Delhi-graduates startup Chakr Innovation raises $23 million in funding from Iron Pillar

Chakr Innovation, a deeptech startup specialising in material science, has raised $23 million (Rs 193.5 crore) in a Series C funding round led by Iron Pillar.

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The startup's existing investor base includes SBI Cap Ventures, ONGC, IAN, and Inflexor from previous rounds.'

It will use the raised capital to expand manufacturing capacity, accelerate international growth, and backward integration. The funds will also enable Chakr Innovation to further invest in R&D to develop advanced technologies within the cleantech space, the release notes.

Founded in 2016 by IIT Delhi graduates, Chakr Innovation's portfolio includes the flagship product, Chakr Shield, which it claims is India’s first certified retrofit emission control device (RECD) for internal combustion engines.

According to the startup, this technology reduces emissions by over 80% without impacting engine performance. With over 5,000 installations and more than 2,000 customers, it has reduced over 2.5 million tonnes of CO₂ equivalent emissions across India.

As part of its product portfolio, the startup has also developed DeNOx technology, a remote DG monitoring system (IoT), and Metal-Air battery solutions, designed to help industries achieve their sustainability goals.

"This funding is a major step toward realizing 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. Our focus remains on enabling industries to operate sustainably while supporting the Prime Minister’s Atma Nirbhar Bharat vision,” said Kushagra Srivastava, Founder & CEO of Chakr Innovation.

Ashok Ananthakrishnan from Iron Pillar said, "In Chakr Innovation, we discovered a rare home growth Deep Tech company tackling India's growing pollution crisis and energy storage challenges. What attracted us to Chakr was the mission driven culture of the company and the successful commercialisation of its R&D efforts in a short span of 7 years. Not to mention the talented Engineers and PhDs who have returned to India giving up lucrative careers in MNCs abroad. We are proud to partner Chakr as they expand their global footprint and continue to pioneer transformative Tech worldwide.”