06 June 2019, India:
Cleantech Startup Chakr Innovation has raised ₹19 crore in Series A round of funding. The funding round was led by IAN Fund along with Jyoti Sagar and IDFC Parampara fund.
The startup will use the fresh capital to scale its productivity and expand its operations across more than 12 cities in the next 18 months.
Padmaja Ruparel, Founding Partner, IAN Fund, said, “It is common knowledge that the air quality in Indian metro cities is especially critical. IAN Fund is focused on supporting innovative ventures catering to a need / pain point in the country – and pollution is one such area which does need a quick solution. Our investment in Chakr Innovation demonstrates IAN’s focus on national imperatives and helping build high growth sustainable companies with an impact.”
Kushagra Srivastava, Founder and CEO of Chakr Innovation, said, “We are excited to have IAN fund as an investor in Chakr Innovation. The world-class network of IAN mentors will help us scale faster and realise our vision of cleaning the air faster. In the next 12 months, we will focus on building more execution capabilities and expanding to more geographies within India. We also look forward to working with the government of India to help achieve the national level target of 20%–30% reduction of PM2.5 and PM10 concentration by 2024 as proposed under the National Clean Air Programme.”
Chakr Innovation was founded by a young team of IIT Delhi graduates including Kushagra Srivastava, Arpit Dhupar and Bharti Singhla. The primary product of the homegrown enterprise is Chakr Shield, a technology sanctioned by the National Accreditation Board for Testing and Calibration Laboratories.
The startup is currently active in Delhi NCR, Pune and Bangalore. It has successfully deployed its emission-control technology at over 70 sites in association with companies like Titan, Hindustan Petroleum, Mahindra World City, Tata projects and Indian Oil Corporation.
(Image – Chakr Innovation)