CleanTech Startup Chakr Innovation Raise US$23 million in Series C

Delhi-based cleantech startup Chakr Innovation has raised US$23 million (approximately Rs 193.5 crore) in its Series C round, led by Iron Pillar. The round also saw participation from existing investors, including SBI Cap Ventures, ONGC, IAN, and Inflexor.

The fresh capital will be deployed to expand manufacturing capacity, drive international growth, and strengthen backward integration. A significant portion will also be allocated to R&D investments, particularly in indigenous energy storage technologies aimed at reducing India’s reliance on lithium-ion batteries.

Founder & CEO, Kushagra Srivastava, said, “This funding is a major step toward realising our vision of building the country’s first dedicated materials science centre focused on critical materials. With these resources, we will expand globally, strengthen our R&D capabilities, and continue our focus on enabling industries to operate sustainably while supporting the Prime Minister’s Atma Nirbhar Bharat vision.“

Founded in 2016 by IIT Delhi graduates, Chakr Innovation is dedicated to developing sustainable and scalable technologies to combat air pollution, particularly from diesel generators. 

The company’s product, Chakr Shield, is India’s first certified retrofit emission control device for diesel generators, which reduces particulate emissions by over 80%. The company has over 5,000 installations and 2,000 customers, and claims to have reduced more than 2.5 million tonnes of CO₂ equivalent emissions.

The company has also developed an IoT-based monitoring solution that transforms traditional diesel generators into smart devices, helping businesses manage rising fuel costs, unplanned breakdowns, compliance requirements and sustainability goals.

The startup is also developing Aluminium-Air battery technology using 100% indigenous raw materials, offering an alternative to lithium-ion solutions. An aluminium-air battery also runs 3–4 times longer than lithium-ion batteries.

Chakr Innovation has worked with clients including IOCL, GAIL, Havells, Honeywell, L&T, Eicher, HPC, ITC, Tata, and others. The company employs over 1000 people and operates manufacturing facilities in Gurugram and Pune.

In November 2021, Chakr Innovation raised an undisclosed Series B round, which was led by SBI Cap Ventures.