PE-VC Fund Investments
Maker of rare earth-based materials Entellus raises Rs.50-Cr led by ZeroW
Chennai- and the UK-based Entellus Industries has raised INR 50 crore (about USD 5.5 million) in a funding round led by deep-tech-focussed investment firm ZeroW, founded by the Mekapati Family Office, the promoter of KMC Group.Founded in 2022 by Simha Kumar and Nagarajan Mahadeven, Entellus manufactures rare earth metals and alloys to produce NdPr metal, bonded powders, and strip-cast alloys, which are critical inputs for permanent magnets.The startup plans to use the new funds to expand into sintered alloys, bring its existing products to market, and increase its production capacity to approximately 2,000 tonnes of magnets per year.This funding follows a USD 12 million investment in 2022 from Social Capital, which supported the establishment of operations and manufacturing plants in Tamil Nadu. The company operates in a market segment impacted by China's export restrictions on rare earth elements, which previously caused a shortage of permanent magnets for industries such as electric vehicle OEMs (original equipment manufacturers).
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