Angel Investments
EV battery maker Grinntech raises $2-M bridge round
Chennai-based Grinntech, a startup that specialises in lithium-ion batteries for EVs and energy storage systems, has closed a bridge funding round of about USD 2 million, which was fully subscribed by the existing investors. Founded in 2013 by Nikhilesh Mishra and Puneet Jain, the IIT-Madras incubated startup is working on technologies that can enable fast adoption of EVs. Grinntech has launched the new Finch and Monal series of batteries and the order to develop a larger pack, incorporating advanced thermal management and utilising its proprietary battery management system for a US-based OEM.
From the Venture Intelligence Angel Investments Database: In Aug-20, Grinntech had raised angel funding from V Sumantran, former Vice-Chairman of Ashok Leyland; V Lakshmi Narayanan, co-founder of Cognizant; and others.
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