Chakr Innovation, a startup focused on climate technology has received INR 18 Cr ($2.2 Mn) in funding, from India’s EXIM Bank to support the development of emission control devices. Chakr’s main goal is to address air pollution by offering solutions. The climate technology sector is gaining momentum as indicated by a report published in 2022 that highlights the need for increased investment. Venture capital interest is also on the rise, exemplified by Avaana Capitals’ $70 Mn climate fund. This surge in interest extends to startups such, as Ace Green Recycling and Clairco which are actively driving the adoption of clean technology solutions.
Climate technology startup Chakr Innovation has secured funding of INR 18 Cr ($2.2 Mn), from the Export-Import Bank of India (EXIM Bank) according to reports. The funds were granted as part of EXIM Banks Ubharte Sitare Programme (USP).
Established in 2016 by Kushagra Srivastava and Bharti Singhla Chakr Innovation operates in the field of sustainability and pollution reduction. The company specializes in developing certified emission control devices for stationary diesel generators to combat air pollution and its negative impact on the environment and public health.
Chakr Innovation is actively addressing concerns over air quality and pollution-related issues at a time when they are increasingly becoming challenges in the country. Their aim is to make a contribution to both the environment and the nation as a whole through their solution.
This year Chakr Innovation raised an amount of funding during their Series B round from Neev Fund II a fund focused on sustainability and small to medium-sized enterprises (SMEs) managed by SBICap Ventures.
In months other climate technology startups have also received funding support. SaaS climate tech startup sentra.world secured $2 Mn in seed funding led by Avaana Capital while cleantech startup Newtrace raised $5.65 Mn during their seed round with participation, from Sequoia Capital India and Aavishkaar Capital.
Although there have been some advancements made by climate technology startups, in India this particular sector still lacks the level of investment maturity and depth as prominent areas. According to a report by Unitus and Climake India in 2022, the Indian climate tech market requires a capital infusion of over $1 trillion by 2030.
However, venture capital firms are gradually increasing their focus on this sector. This year Avaana Capital successfully raised $70 million in the phase of its climate and sustainability fund. Additionally, Omnivore, an impact venture fund headquartered in Mumbai recently announced the phase closure of its fund at $150 million.
In times numerous Indian startups have emerged with a focus on segments such as climate technology and clean technology. Some notable examples include Ace Green Recycling, Clairco, and Hygenco, among others.
