Chakr Innovation, a deep-tech startup specializing in material science, has raised $23 million (₹193.5 crore) in its Series C funding round led by Iron Pillar. The round also saw participation from existing investors, including SBI Cap Ventures, ONGC, IAN, and Inflexor.
The fresh funds raised will be used to expand manufacturing capacity, accelerate international growth, and support backward integration. The startup will also invest in R&D to develop advanced technologies within the clean-tech space.
Founded in 2016 by Kushagra Srivastava, Chakr Innovation is a deep-tech startup specializing in material science. Chakr Innovation is known for Chakr Shield, a certified retrofit emission control device for diesel generators, which reduces particulate emissions by over 80%. The company has over 5,000 installations, 2,000 customers, and claims to have cut more than 2.5 million tonnes of CO₂ equivalent emissions.
Chakr Innovation has also been working on indigenous energy storage technology aimed at reducing the country’s dependence on lithium-ion chemistry.
In addition to its emission control solutions, Chakr Innovation has developed Aluminium-Air technology as an alternative to lithium-ion batteries. Made from 100% indigenous raw materials, Aluminium-Air offers higher energy density and aims to reduce India’s reliance on foreign raw materials.
Kushagra Srivastava, Founder & CEO of Chakr Innovation, said, “This funding is a major step toward realizing 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 center focused on critical materials. Our focus remains on enabling industries to operate sustainably while supporting the Prime Minister’s Atma Nirbhar Bharat vision.”
Ashok Ananthakrishnan from Iron Pillar said, “In Chakr Innovation, we discovered a rare homegrown 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 commercialization of its R&D efforts in a short span of 7 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.”
