Cactus Partners Invests $5M in Indigrid Technology

Indigrid Tech secured $5 million from Cactus Partners to expand capacity and diversify operations domestically and internationally

Mumbai- Cactus Partners (CP), an early growth-stage venture capital fund announced an investment of $5 million (Rs.418 Crore) in Indigrid Technology, an EV component supplier. This marks CP's seventh investment and its second in the EV component manufacturing sector since its inception in January 2021. Previous investments include Kapture, Vitraya, AMPM, Auric, Lohum, and the exited Rubix.

Indigrid Technology operates its manufacturing facilities in Manesar and serves as a preferred supplier to a diverse range of customers, including JP Minda, Hella, Revolt, Bounce, and Xidda. With a focus on customer satisfaction, extensive industry knowledge, a strong product lineup, and a growing customer base, Indigrid is poised to emerge as a leading EV component provider, embodying the "Made in India" for India and the world.

Indigrid Technology plans to utilize the capital injection for multiple strategic purposes: expanding production capacity to meet rising demand, diversifying product offerings for a wider customer appeal, extending market presence both domestically and internationally to boost market share, and bolstering the team through talent acquisition and development to fuel growth and innovation objectives.

Mr.Amit Sharma, General Partner at Cactus Partners, said, “We are thrilled to partner with Indigrid, recognizing 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.”

Mr. Sameer Narang and Mr.Rishab Puri, co-founders at Indigrid, said, “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 closed Fund I, securing Rs 630 crore with 60% from domestic investors and the remainder from international sources. The fund prioritizes investments in climate tech, health tech, and B2B SaaS sectors, attracting institutional investors and family offices globally.