Chakr Innovation, a deep-tech startup founded by IIT Delhi alumni, has secured $23 million (₹193.5 crore) in a Series C funding round led by Iron Pillar, with participation from existing investors including SBI Cap Ventures, ONGC, Indian Angel Network (IAN), and Inflexor. The company specializes in material science and cleantech solutions, aiming to reduce industrial emissions and develop indigenous energy storage technologies. The fresh capital will be utilized to expand manufacturing capacity, accelerate international growth, and strengthen backward integration. Additionally, Chakr Innovation plans to invest in research and development to advance clean-tech innovations and indigenous energy storage solutions.
Chakr Innovation, a Bengaluru-based deep-tech startup specializing in material science and cleantech solutions, has raised $23 million (₹193.5 crore) in its Series C funding round. The investment was led by Iron Pillar, with continued support from existing investors such as SBI Cap Ventures, ONGC, Indian Angel Network (IAN), and Inflexor. This funding round underscores growing investor confidence in Chakr Innovation’s technological advancements and market potential within the material science sector.
Founded in 2016 by IIT Delhi graduates, Chakr Innovation is renowned for its flagship product, Chakr Shield, India’s first certified retrofit emission control device for diesel generators. The device reduces particulate emissions by over 80% without compromising engine performance. With more than 5,000 installations across over 2,000 customers, the company claims to have helped mitigate over 2.5 million tonnes of CO₂ equivalent emissions.
In addition to emission control technologies, Chakr Innovation is developing Aluminium-Air battery solutions using entirely indigenous raw materials. The company’s portfolio also includes DeNOx systems, DG remote monitoring IoT solutions, and Metal-Air batteries, all designed to assist industries in achieving their sustainability goals.
The newly raised capital will be allocated to:
- Expand manufacturing capacity to meet increasing demand.
- Accelerate international growth and market penetration.
- Strengthen backward integration to enhance supply chain efficiency.
- Invest in research and development to advance clean-tech innovations and develop indigenous energy storage solutions, reducing reliance on lithium-ion batteries.
Kushagra Srivastava, Founder and CEO of Chakr Innovation, expressed, “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.”
Ashok Ananthakrishnan from Iron Pillar commented, “In Chakr Innovation, we discovered a rare home-grown 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 commercialization of its R&D efforts in a short span of 7 years.”
With over 450 employees, including 200 engineers and scientists, Chakr Innovation operates manufacturing facilities in Gurugram and Pune and has filed 42 patent applications to date.
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