PE-VC Fund Investments
EV component maker Indigrid Technology raises $4-M from Cactus VP
Gurugram-headquartered electric vehicle (EV) components maker Indigrid Technology has raised USD 4 million (INR 35.2 crore) in a follow-on round from existing investor Cactus Venture Partners, at a post-money valuation of INR 600 crore.The fresh funding will be used by the company for setting up a new facility in Goa and for expanding the production capacity of power electronics for large appliances, diversification into consumer goods, research and development of new products, and international market expansion.Founded in 2016 by Rishab Puri and Sameer Narang, Indigrid Technology focuses on embedded systems, PCB assemblies, and product-level electronic solutions. It supports Original Equipment Manufacturers (OEMs) across automotive, industrial, consumer, and appliance segments.
In May-24, Ingrid Technology had attracted about USD 5 M from Cactus Venture Partners.For FY24, Ingrid Technology had reported about INR 67.51 Cr in Operating Income and about INR 2.11 Cr in Net Loss.
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