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EV startup Grinntech raises $2 million in funding

Grinntech is a startup that manufactures lithium-ion batteries for Electric Vehicles. Recently, the EV startup has raised $2 million in funding from four investors. Cognizant Co-founder Lakshmi Narayanan, Ashok Leyland’s Former Vice-Chairman V Sumantran, UCAL Group and KS Manian, promoter of Radiance Group were the investees.

Lakshmi Narayanan and V Sumantran will also be joining the company’s board. The company’s primary focus to date was in research and development. And it had been working on the battery for two-wheelers and cars in Chennai. But now with the investment it has received, it will phase into manufacturing as well.

Progress made by EV startup Grinntech so far

The company has not taken its R&D lightly. Recently, it has released EV batteries for 2 wheelers, 3 wheelers, tractors and also light vehicles. The company is also working on integrating IoT with its batteries. Therefore, this is enabling them to develop unique IoT enabled Battery management systems (BMS).

EV Startup Grinntech

Image Source: Grinntech

EV startup, Grinntech has a vision of making batteries unique and high-tech. And they are really working hard towards their goal. Nikhilesh Mishra and Puneet Jain, co-founders of Grinntech, said:

“It was always our dream to create a technologically advanced lithium-ion battery product line that was built-to-cost for Indian conditions along with its production system. We are hopeful that we will catch the fast-growing wave for EV products by Indian customers,”

What is the future scope of the company?

The future of EV’s is bright. Every country is now trying to promote the use of electric vehicles to reduce pollution. Therefore, the higher the demand in electric vehicles, the higher is the need for lithium-ion batteries.

EV startup Grinntech

Image Source: India Today

Now, the critical thing to note is that except battery technology, everything is advancing rapidly, and they are trying to change that. So, the scope of improvement is a lot in the future.

Sumantran said, “In the coming years, market conditions will reward those EV battery makers that possess technological and operational competence”. Therefore, the use of IoT in their batteries gives them a huge opportunity to exploit.

Even one of the investees in the company Cognizant Co-founder, Narayanan added:

“The future of energy is in renewables with significant potential for high growth. Digital technologies such as IoT and data analytics play a crucial role in enabling companies with newer business models to provide the much-needed connectedness, high performance and superior customer experience. It is heartening to see start-ups in India boldly embrace technology-driven solutions that can meaningfully address not just India’s challenges but also global ones.”

What do you think about the future of Electric Vehicles? Do let us know in the comments below. If you found our content informative like and share with your friends.

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