Cactus Partners (CP), an early growth-stage venture capital fund, has announced a USD 5 million investment in Indigrid Technology, a full-stack EV component supplier. CP, which began its investment journey in January 2021, has previously invested in companies such as Kapture, Vitraya, AMPM, Auric, Lohum, and Rubix (exited).
Indigrid Technology, with its manufacturing operations based in Manesar, is a vendor for various customers including JP Minda, Hella, Revolt, Bounce, and Xidda.
Utilisation of Capital Infusion
The investment will be directed towards several key initiatives:
- Expanding Production Capacity: To meet the growing demand in the EV market.
- Enhancing Product Offerings: Diversifying and enhancing the product range to appeal to a broader customer base.
- Market Expansion: Broadening presence in both Indian and global markets to increase market share and reach.
- Strengthening the Team: Investing in talent acquisition, training, and development to support growth and innovation.
Amit Sharma, General Partner at Cactus Partners, commenting on the transaction said “We are thrilled to partner with Indigrid, recognising 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.”
Sameer Narang and Rishab Puri, co-founders at Indigrid Technology shared “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 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, with 60% originating 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, primarily investing in climate tech, health tech, and B2B SaaS businesses.