Chakr Innovation raises $23 million in Series C round, led by Iron Pillar

Deep-tech startup in material science Chakr Innovation on Monday announced that it has raised $23 million (Rs 193.5 crore) in its Series C funding round, led by Iron Pillar. The company’s existing investor base includes SBI Cap Ventures, ONGC, IAN, and Inflexor from previous rounds.

 

The newly raised capital will primarily be used to expand manufacturing capacity, accelerate international growth, and backward integration. The funds will also enable Chakr Innovation to further invest in R&D to develop advanced technologies within the clean-tech space.

 

Chakr Innovation has also been working on indigenous energy storage technology aimed at reducing the country’s dependence on lithium-ion chemistry.

 

Kushagra Srivastava, founder and CEO of Chakr Innovation, said: “This funding is a major step toward realising our vision of building world-class material science technologies from India. With these resources, we will expand globally, strengthen our R&D capabilities, and establish the country’s first dedicated materials science centre focused on critical materials.”

 

Speaking on the investment, Ashok Ananthakrishnan from Iron Pillar said: “In Chakr Innovation, we discovered a rare home-grown deep-tech company tackling India’s growing pollution crisis and energy storage challenges. What attracted us to Chakr was the mission-driven culture of the company and the successful commercialisation of its R&D efforts in a short span of seven years. Not to mention the talented engineers and PhDs who have returned to India, giving up lucrative careers in MNCs abroad. We are proud to partner Chakr as they expand their global footprint and continue to pioneer transformative tech worldwide.”

 

This funding will empower Chakr Innovation to scale its flagship product Chakr Shield — India’s first certified retrofit emission control device that reduces diesel generator emissions by over 80 per cent — reinforcing its mission to combat air pollution at the source.

 

In addition to its emission control solutions, Chakr Innovation has developed aluminium-air technology as an alternative to lithium-ion batteries. Made from 100 per cent indigenous raw materials, aluminium-air offers higher energy density and aims to reduce India’s reliance on foreign raw materials.

 

Founded in 2016 by IIT Delhi graduates, Chakr Innovation has over 5,000 installations and more than 2,000 customers. The company has reduced over 2.5 million tonnes of CO₂ equivalent emissions across India, it said.

 

Ambit Private acted as the exclusive financial advisor on the successful Series C fundraise.