NEW DELHI – Chakr Innovation, a deep-tech startup focused on material science, said on Monday it had raised $23 million (₹193.5 crore) in its Series C funding round led by Iron Pillar. Existing investors SBI Cap Ventures, ONGC, IAN and Inflexor also participated, the company said. Ambit Private Limited acted as exclusive financial advisor for the fundraise.
The startup said the capital would be used to expand manufacturing capacity, accelerate international growth and support research and development in clean-tech technologies. The company is also working on indigenous energy storage technology aimed at reducing reliance on lithium-ion batteries.
Kushagra Srivastava, founder and CEO of Chakr Innovation, said the funding would help the company expand globally, strengthen R&D capabilities and establish India’s first dedicated materials science centre focused on critical materials. “Our focus remains on enabling industries to operate sustainably while supporting the Prime Minister’s Atma Nirbhar Bharat vision,” he added.
Ashok Ananthakrishnan of Iron Pillar said the firm was attracted to Chakr Innovation’s mission-driven approach and the commercialisation of its R&D in seven years. “We are proud to partner Chakr as they expand their global footprint and continue to pioneer transformative technology worldwide,” he said.
Chakr Innovation said the funding would help scale its flagship product, Chakr Shield, a certified retrofit emission control device for diesel generators that reduces emissions by over 80 per cent.
The company also noted it has developed Aluminium-Air battery technology made from indigenous raw materials, offering higher energy density as an alternative to lithium-ion batteries.
Founded in 2016 by IIT Delhi graduates, Chakr Innovation said it has over 5,000 installations of Chakr Shield across more than 2,000 customers in India, preventing over 2.5 million tonnes of CO₂ equivalent emissions.
The company has more than 42 patent applications and employs over 450 staff, including 200 engineers and scientists, with manufacturing facilities in Gurugram and Pune.
Chakr Innovation said its other products include DeNOx technology, a remote diesel generator monitoring system using IoT, and Metal-Air battery solutions aimed at supporting industrial sustainability goals.
