Mumbai, 13 June 2024: Cactus Partners (CP), an early growth-stage venture capital fund, today announced an investment of $5 million in full stack EV component supplier Indigrid Technology.
This marks the seventh investment made by CP and the second in the EV component manufacturing space. The fund, which started investing in January 2021, has already made investments in companies such as Kapture, Vitraya, AMPM, Auric, Lohum, and Rubix (exited).
Indigrid Technology has its manufacturing operations in Manesar and is a preferred vendor to a wide gamut of customers, including the likes of JP Minda, Hella, Revolt, Bounce, and Xidda, to name a few. With a customer centric approach, deep domain expertise, a robust product portfolio, and a growing customer base, Indigrid is well positioned to become an EV component powerhouse—“Made in India”—for India and the world.
For Indigrid Technology, the capital infusion will be directed towards several key initiatives: significantly expanding production capacity to meet growing demand; enhancing, and diversifying product offerings to appeal to a broader customer base; broadening their presence in both Indian and global markets to increase market share and reach; and strengthening the team by investing in talent acquisition, training, and development to support growth and innovation goals.
Amit Sharma, General Partner at Cactus Partners, commented on the transaction, saying, ” We are thrilled to partner with Indigrid, recognizing the unwavering commitment the founding team brings into the business. We are impressed by Sameer and Rishab’s absolute commitment to their vision, dedication to innovate, agility to understand and solve customer problems, abide by highest ethical standards, and a relentless dedication and resilience to surmount challenges and build a profitable and sustainable business. We believe the time is right for Indigrid to build upon its initial success and establish itself as a critical member of the growing EV ecosystem in the country. Indigrid will be a leading example for the “make in India” initiative. CVP, as per our stated strategy, will support the company with all our strategic resources in addition to the capital infusion.”
Speaking about the fundraise, Sameer Narang and Rishab Puri, co-founders at Indigrid, said, “We are thrilled to welcome Cactus as our new partner. Their alignment with our goals and values was a key factor in this collaboration. Cactus Partners shares our vision for a sustainable future powered by advanced EV technologies and is committed to supporting our efforts to localise innovation, manufacturing, and growth. This investment will enable us to boost our product development efforts, ensuring we stay ahead of the high growth demand curve in the rapidly evolving EV market. Our focus on creating high-quality and reliability is paramount, and this partnership will support and enhance our mission”.
In December last year, Cactus Partners had concluded the final close of Fund I at a total corpus of about Rs 630 crore. The venture capital firm received capital commitments predominantly from institutional investors and family offices, of which 60% originated from domestic sources and the rest from international limited partners based in the US, Singapore, the European Union, and the UK. The fund has a broad sector focus, with its primary interests being in climate tech, health tech, and B2B SaaS businesses.