EV manufacturing startup Grinntech attracts $2 mn funding from investors

Grinntech, a start-up which manufactures LithiumIon batteries for EVs and energy storage systems, has raised $2 million from four investors, including from Cognizant Co-founder Lakshmi Narayanan and Ashok Leyland's Former Vice Chairman V Sumantran. 

Following the investment, the two investors will be joining the company's Board.  

The other two investors are UCAL Group and  K S Manian, promoter of Radiance Group.

The fund raising comes at a time when the company is foraying into manufacturing. Up till now it was only involved with Research and Development (R&D). The company will be manufacturing batteries for two-wheelers, cars and commercial vehicles in phased manner at Chennai. Initially, it will cater to the domestic market and expand via export routes.

Grinntech, which was incubated at IIT Madras, unveiled a range of high-tech batteries with designs customised to Indian conditions along with its proprietary, IoTenabled BMS to power 2-wheelers, 3-wheelers and tractors/light vehicles. 

Going forward the company will also look at commercial vehicles. The company was founded by Nikhilesh Mishra and Puneet Jain.

Sumantran said that EVs are rapidly gaining acceptance globally and in India, and particularly so at a time when India has articulated a priority for self-reliance in critical EV technologies. "In the coming years, market conditions will reward those EV battery makers that possess technological and operational competence," he added. 

"Grinntech’s combination of performance, quality and economics will play an important part in that journey,” he said.

Meanwhile, Cognizant's Narayanan added, “The future of energy is in renewables with significant potential for high growth. Digital technologies such as IoT and data analytics play a crucial role in enabling companies with newer business models to provide the much-needed connectedness, high performance and superior customer experience. It is heartening to see start-ups in India boldly embrace technology-driven solutions that can meaningfully address not just India’s challenges but also global ones.”