Cactus Partners (CP), an early growth-stage venture capital fund, has announced a significant investment of USD 5 million in Indigrid Technology, a leading full stack EV component supplier. This marks CP’s seventh investment and its second foray into the EV component manufacturing space since its inception in January 2021.
Indigrid Technology, with its manufacturing operations situated in Manesar, stands as a preferred vendor for a diverse clientele, including industry giants such as JP Minda, Hella, Revolt, Bounce, and Xidda. With a steadfast commitment to customer satisfaction, profound domain expertise, and a robust product lineup, Indigrid is poised to emerge as a formidable force in EV component manufacturing, both domestically and internationally, embodying the essence of “Made in India” excellence.
The capital infusion from CP will be channeled into several strategic initiatives by Indigrid Technology. These include ramping up production capacity to meet escalating demand, diversifying product offerings to cater to a broader customer base, expanding market presence in both Indian and global markets, and reinforcing the team through talent acquisition and development to drive growth and innovation.
Amit Sharma, General Partner at Cactus Partners, expressed his enthusiasm for the collaboration, highlighting the unwavering dedication of Indigrid’s founding team. Sharma emphasized CP’s commitment to providing strategic support alongside financial backing, aligning with Indigrid’s mission to spearhead innovation and manufacturing prowess in the Indian EV landscape.
In response to the fundraise, Sameer Narang and Rishab Puri, co-founders at Indigrid, expressed their excitement in welcoming Cactus as a strategic partner. They lauded CP’s shared vision for sustainable growth and commitment to fostering local innovation and manufacturing excellence in the EV sector. The investment will bolster Indigrid’s product development efforts, ensuring they remain at the forefront of the rapidly evolving EV market while upholding high standards of quality and reliability.
Cactus Partners had recently concluded the final close of Fund I, amassing a total corpus of approximately Rs 630 crore in December last year. The venture capital firm garnered significant capital commitments from institutional investors and family offices, with a strong emphasis on domestic and international sources. With a broad sector focus encompassing climate tech, health tech, and B2B SaaS businesses, CP remains steadfast in its mission to drive impactful investments across diverse industries.