Chakr Innovation, a pollution control device maker tech startup has raised ₹19 crore in Series A funding led by IAN Fund along with Jyoti Sagar and IDFC-Parampara Fund.
Delhi-based Chakr Innovation, which focuses on building a suite of products to help reduce air pollution, will use the funds to scale its productivity and expand operations across more than 12 cities till 2020.
The startup was founded in 2016 by Kushagra Srivastava, Arpit Dhupar, and Bharti Singhla. It leverages cutting-edge technology to capture emissions from diesel generators, and converts pollution-causing particles into a base pigment for black inks and paints.
The primary product of the company is Chakr Shield, a technology sanctioned by the National Accreditation Board for Testing and Calibration Laboratories
Chakr Innovation is currently active in Delhi NCR, Pune and Bangalore, having successfully deployed its emission-control technology at over 70 sites in association with companies like Titan, Hindustan Petroleum, and Mahindra World City.
Kushagra Srivastava, founder and CEO of Chakr Innovation said, “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 percent reduction of PM2.5 and PM10 concentration by 2024 as proposed under the National Clean Air Programme.”
On the other hand, IAN Fund was launched in 2006 and usually aims at investing up to $1 milion with an average ticket size of about $400,000- $600,000 and exiting in three-five year period through a strategic sale.
It is a SEBI registered early stage fund with about 470 investors from 11 countries.
“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,” Padmaja Ruparel, founding partner at IAN Fund, said.
IAN Fund has already built an investment portfolio comprising companies across various sectors, including Insurance, Healthtech, Agri-tech, Logistics, Automotive, Retail, Content Platform, Retail tech, Cybersecurity, Smart City, Edutech, Fintech, Apparel, and Rural Retail to name a few.