Deep-tech materials start-up Chakr Innovation has closed a $23 million (₹193.5 crore) Series C round led by growth investor Iron Pillar, the company announced on Tuesday. Ambit Private Limited acted as exclusive financial advisor on the transaction.
Existing backers SBI Capital Ventures, ONGC, IAN and Inflexor also participated historically.
The fresh capital will be deployed to expand manufacturing capacity, accelerate international expansion, pursue backward integration and boost R&D into advanced clean-tech materials and indigenous energy storage alternatives to lithium-ion chemistry, Chakr said.
Fund Utilisation
Founder & CEO Kushagra Srivastava said the funding is “a major step toward realizing our vision of building world-class materials science technologies from India,” adding that proceeds will help establish a dedicated materials-science centre and scale global deployments in support of the government’s Atma Nirbhar Bharat priorities.
Iron Pillar partner Ashok Ananthakrishnan said the firm was drawn to Chakr’s “mission-driven culture” and rapid commercialisation of R&D. “We are proud to partner Chakr as they expand their global footprint and continue to pioneer transformative tech worldwide,” he added.
Chakr is known for Chakr Shield, a certified retrofit emission control device (RECD) for diesel generators that the company says reduces emissions by over 80% without impacting engine performance.
Start-Up Scale
Chakr has more than 5,000 installations and over 2,000 customers, and estimates its solutions have helped avoid some 2.5 million tonnes of CO₂ equivalent emissions in India. The start-up also develops DeNOx systems, IoT-based remote DG monitoring, and Metal-Air (Aluminium-Air) battery technologies that use indigenous raw materials and aim to deliver higher energy density.
Founded in 2016 by IIT-Delhi alumni, Chakr employs over 450 people, including 200+ engineers and scientists, and holds 42 patent filings. The company manufactures in Gurugram and Pune and plans to use the Series C proceeds to scale production and R&D internationally.
Iron Pillar is a growth-stage investor focused on Indian technology companies. Its portfolio includes FreshToHome, Servify, BlueStone and Uniphore.
