PE-VC Fund Investments
Climate-tech startup Newtrace raises Rs.28-Cr led by HDFC Bank
Bengaluru-based Newtrace has raised INR 28 crore in a pre-Series A round led by HDFC Bank, with participation from Japan-based Mitsui Sumitomo Insurance and existing investors Aavishkaar Capital, Peak XV Partners, Speciale Invest, Micelio Fund, Manish Gandhi, and Renu Gandhi. HDFC Bank invested INR 4.9 crore, while Peak XV, Aavishkaar Capital, and Mitsui Sumitomo Insurance each contributed INR 4.35 crore.Founded in 2021 by Prasanta Sarkar and Rochan Sinha, Newtrace develops cost-efficient electrolyser technology for large-scale green hydrogen production, featuring scalable systems designed to lower costs and reduce reliance on rare earth metals. The company plans to use the new funds for product development, expansion, infrastructure and delivery capabilities and for clearing capital asset liabilities.
Between Jun 2022 and May 2023, Newtrace had attracted about USD 7 M from Aavishkaar, Micelio Fund, Peak XV Partners, Speciale Invest, and others.For FY25, Newtrace had reported about INR 1 Cr in Operating Income and about INR 16 Cr in Net Loss.
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