Cleantech startup Chakr Innovation has raised $23 million in its Series C funding round led by Iron Pillar. In another development, 888 VC has launched an investment vehicle to back startups in the areas of artificial intelligence, deep tech and sustainability.
Iron Pillar leads $23m Chakr Innovation
Inflexor Ventures-backed cleantech startup Chakr Innovation has raised $23 million (Rs 193.5 crore) in its Series C funding round led by Iron Pillar, it announced on Monday.
The round also saw participation from existing investors, including SBI Cap Ventures, ONGC, IAN, and Inflexor, the startup said in a statement.
The company plans to utilise the fresh capital to expand its manufacturing capacity, drive growth in the international markets, and strengthen backward integration. The funds will also be used to bolster research and development efforts to develop advanced technologies within the clean-tech space, the statement added.
“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,” said Kushagra Srivastava, founder and CEO of Chakr Innovation.
Founded in 2016 by IIT Delhi graduates, Chakr Innovation boasts of over 5,000 installations and more than 2,000 customers.
888 VC launches $19.7m fund
Early-stage venture capital fund 888 VC has launched a nearly $19.7 million (Rs 175 crore) investment vehicle to back startups in the areas of artificial intelligence, deep tech, and sustainability.
The fund plans to invest in global first Indian startups with average investment sizes ranging between Rs 2 crore and Rs 4 crores. The fund will be focused on startups that are capable of scaling to high-growth ecosystems such as the UAE, the US, and beyond.
“India is rapidly becoming the epicentre of next-gen innovation. As per recent data, AI startups in India are projected to cross $17 billion by 2027; deep tech funding is said to have grown 2.5X in the last 3 years, driven by enterprise SaaS and frontier technologies, and sustainability startups have attracted approximately $2.5 billion in 2024 alone, reflecting a global shift towards climate-conscious investments,” said Rohit Bafna, Founder and CEO of 888VC.
The venture capital firm seeks to address a crucial gap in the early-stage startup ecosystem, such as access to capital, mentorship, and market connections.
