Cleantech startup Chakr Innovation raises $23 Mn led by Iron Pillar

New Delhi-based cleantech startup Chakr Innovation has raised $23 million (Rs 193.5 crore) in its Series C round led by Iron Pillar. The round also saw participation from existing investors including SBI Cap Ventures, ONGC, IAN, and Inflexor.

The fresh capital will be deployed to expand manufacturing capacity, drive international growth, and strengthen backward integration. A significant portion will also go into R&D investments, particularly in indigenous energy storage technologies aimed at reducing India’s reliance on lithium-ion batteries.

Founded in 2016 by IIT Delhi graduates, Chakr Innovation is known for Chakr Shield, India’s first certified retrofit emission control device for diesel generators, which reduces particulate emissions by over 80%. The company has over 5,000 installations, 2,000 customers, and claims to have cut more than 2.5 million tonnes of CO₂ equivalent emissions.

The startup is also developing Aluminium-Air battery technology using 100% indigenous raw materials, offering an alternative to lithium-ion solutions. Its portfolio includes DeNOx systems, DG remote monitoring IoT solutions, and Metal-Air batteries.

“This funding is a major step toward realizing our vision of building world-class material science technologies from India,” said Kushagra Srivastava, co-founder and CEO of Chakr Innovation. “With these resources, we will expand globally, strengthen R&D, and establish India’s first dedicated materials science center.”

Chakr Innovation, which employs over 450 people including 200 engineers and scientists, operates manufacturing facilities in Gurugram and Pune, and has filed 42 patent applications.

Chakr Innovation raised its undisclosed Series B round in November 2021, which was led by SBICap Ventures’ Neev Fund II.

In April 2023, venture capital firm Iron Pillar closed its Global Cloud Fund II with a total corpus of $129 million. The fund was aimed at investing in Series B and C rounds of Indian cloud software and SaaS companies with global customer bases.