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Cactus Partners Invests $5 Million: Indigrid Technology On The Path To Success

Published On Jun 18, 2024 02:59 PMBy Dheeraj Nair

The capital infusion is expected to assist Ingrid Technology become a preferred vendor to three-wheeler original equipment manufacturers. Here are the details. Read on

 Indigrid Technology announces that Cactus Partners (CP), an early growth-stage venture capital fund, has invested 5 million American Dollars in the full-stack EV component supplier.

Key Highlights

  • Indigrid Technology with a manufacturing operations establishment in Manesar, is a vendor for multiple customers.
  • Cactus Partners (CP) has invested 5 million American Dollars in Indigrid Technology - a full-stack EV component supplier.
  • CP’s investment enables Indigrid to boost product development efforts to stay ahead of the high growth demand curve. 

In a step that underscores the significance of electric vehicle (EV) component manufacturing and a move that has led to business growth and profitability, Indigrid Technology announces that Cactus Partners (CP), an early growth-stage venture capital fund, has invested 5 million American Dollars in the full-stack EV component supplier (Indigrid Technology). 

This is the seventh investment made by CP and the second in the EV component manufacturing space. Indigrid Technology with a manufacturing operations establishment based in Manesar, is a vendor for multiple customers including JP Minda, Revolt, Hella, Xidda and Bounce. 

As for Cactus Partners which started investing in January 2021, it has already made investments in companies such as Kapture, Vitraya, AMPM, Auric, Lohum, and Rubix (exited).

Related Link: Battery Smart Secures $65 Million Funding: Paving The Way To The Future As A Sustainable Solution

Indigrid Technologies said that the capital will be directed towards several initiatives including the expansion of production capacity to meet the demand.

The Plan: Fund Utilisation Initiatives

The capital will be directed towards several initiatives including the expansion of production capacity to meet the demand, enhancing product offerings to appeal to a broader customer base and business presence in Indian and global markets to increase market share and reach and strengthen the team by investing in talent acquisition, training, and development.

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

Insights: Cactus Partners And Indigrid Comments

Amit Sharma, general partner at Cactus Partners, said, “We are thrilled to partner with Indigrid. We are impressed by Sameer and Rishab’s absolute commitment to their vision, dedication to innovate, agility to understand and solve customer problems, abiding by the highest ethical standards, and relentless dedication and resilience to surmount challenges and build a profitable and sustainable business. 

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, said, “We 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 supports 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”.

What We Think? 

In December last year, Cactus Partners concluded the final close of round 1 of the funding at a total corpus of about Rs 630 crore. Now with the significant investment made by Cactus Partners marked at 5 million dollars, Indigrid Technology can enhance its business and work on expansion plans for positive profit outcomes, an initiative appreciated by Indigrid.

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