Private Equity VC Fund Investments
Emission control startup Chakr raises Rs.2-Cr from ONGC Startup Fund
Source Inc42 (opens in a new tab)
Gurugram-based cleantech startup Chakr Innovation, which converts vehicle emissions into printable ink, is raising INR 2 crore from the Startup India-affiliated ONGC Start-up Fund. ONGC will be allotted 592 compulsory convertible preference shares (CCPS) at a premium of INR 33,683.78. Post the latest investment, the stake held by ONGC will rise to 8.65% from 5.38%.
Founded in 2016 by Kushagra Srivastava, Arpit Dhupar and Bharti Singhla, Chakr Innovation converts soot collected from vehicular exhaust into printable ink using a proprietary liquid.
Company website ↗ (opens in a new tab)
From the Venture Intelligence PE-VC Deal Database: Between Mar-18 and Apr-19 Chakr raised nearly $3-M from IAN Fund, IDFC Parampara Capital and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)