Electric Vehicle Components Manufacturer Raises $5 Million in Funding
Indigrid Technology, a company that specializes in manufacturing electrical and powertrain components for electric vehicles (EV), recently secured a $5 million investment from Cactus Partners. This funding round will see Cactus Partners acquiring a low double-digit stake in Indigrid, marking the company’s first institutional funding effort. Previously, Indigrid had raised $1.5 million from angel investors in earlier rounds, making this a significant development for the firm.
Funding for Growth and Expansion
- Indigrid will utilize the funding to bolster its research and development team.
- This will enable the company to enhance its product offerings and innovate in the EV space.
- The funding will also support the expansion of production capacity for printed circuit boards (PCBs).
- The goal is to increase monthly production from 1 lakh units to 4-5 lakh units within a year.
- Indigrid aims to diversify its powertrain variants to cater to a broader market segment.
- Approximately 40% of the business will focus on powertrains, while the remaining 60% will cover electronics.
Manufacturing Excellence and Industry Partnerships
Established in 2017, Indigrid initially focused on producing electrical components for EVs before expanding into powertrain components like motor control units and vehicle control units for two-wheelers. The company collaborates with leading original equipment manufacturers (OEMs) such as Hero MotoCorp, Bounce Electric, Revolt, and Kinetic, showcasing its commitment to quality and industry partnerships.
Strategic Vision and Growth Trajectory
Commenting on the funding round, Amit Sharma, a general partner at Cactus Partners, emphasized the importance of Indigrid’s role in the evolving EV ecosystem. He highlighted the company’s potential to contribute significantly to the ‘make in India’ initiative and reiterated Cactus Partners’ commitment to providing strategic support alongside financial backing.
Hot Take: Empowering the Future of Electric Mobility
As the electric vehicle market continues to expand globally, companies like Indigrid Technology play a crucial role in driving innovation and sustainability. With strategic investments and a focus on research and development, Indigrid is well-positioned to shape the future of electric mobility in India and beyond. Stay tuned for more developments in the dynamic world of EV technology!
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