PE-VC Fund Investments
Climate-tech co. Newtrace raises $6.3 M led by HDFC Bank, Mitsui Sumitomo Insurance VC
Bengaluru-based climate-tech startup Newtrace has raised USD 6.3 million (INR 56.9 crore) in a round led by HDFC Bank and Mitsui Sumitomo Insurance Venture Capital, at a USD 30 million post money valuation.The round also saw participation from Peak XV’s Surge, Aavishkaar Capital, Speciale Invest, Micelio Technology Fund and angel investors Manish Prataprai Gandhi and Renu Manish Gandhi.Founded in 2021 by Prasanta Sarkar and Rochan Sinha, Newtrace develops advanced electrode technology used inside electrolysers-the machines that split water into hydrogen and oxygen using electricity. The fresh capital will be used to scale pilot manufacturing, validate its products with customers across China and Europe and prepare for commercial deployment. Newtrace expects to begin commercial deliveries of its electrode technology within the next 12 months.
Between Jun 2022 and Feb 2026, Newtrace had attracted about USD 10 M from Micelio Fund, Speciale Invest, Aavishkaar, Peak XV Partners, HDFC Bank, Mitsui Sumitomo Insurance Venture Capital and others.For FY25, Newtrace had reported about INR 1 Cr in Operating Income and about INR 16 Cr in Net Loss.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
