Climate tech startup Chakr Innovation raised $2.2 million in funding from the Export-Import Bank of India (EXIM Bank). The funds were allocated under EXIM Bank’s Ubharte Sitare Programme (USP), as reported.
Chakr Environmental Sustainability and Pollution Reduction Focus
Founded in 2016 by Kushagra Srivastava and Bharti Singhla, Chakr Innovation operates in the realm of environmental sustainability and pollution reduction. The startup specializes in creating certified emission control devices for stationary diesel generators, aimed at mitigating air pollution and its detrimental impact on the environment and public health.
Chakr Tackling Growing Air Quality Concerns
Amidst increasing worries about air quality and pollution issues in the nation, Chakr Innovation has established itself in the sustainability sector. The startup aims to create a positive environmental impact and enhance the nation through its innovative solution.
Prior Funding and Growing Interest in Climate Tech
In 2021, Chakr Innovation obtained funding for Series B from Neev Fund II, managed by SBICap Ventures. The fund focuses on sustainability and SMEs. This mirrors the growing trend of investing in climate tech startups. Examples are sentra.world, a SaaS climate tech startup, securing $2 million, and Newtrace, a cleantech startup, raising $5.65 million.
Climate Tech Sector’s Potential and Investment Landscape
While India has witnessed notable innovations from climate tech startups, the sector is still evolving in terms of investment maturity. According to a report by Unitus and Climake India in 2022, the Indian climate tech market requires an infusion of over $1 trillion by 2030. Nonetheless, venture capital firms are gradually showing heightened interest in the sector. For instance, Avaana Capital raised $70 million in the first close of its climate and sustainability fund, and impact venture fund Omnivore concluded the first round of its third fund at $150 million. This trend reflects a growing acknowledgment of the significant role climate tech startups can play in addressing environmental challenges.
Indian startups are launching in the climate tech and clean tech sectors. These startups aim to create a positive impact. There is a surge in the number of such startups. Noteworthy names include Ace Green Recycling, Clairco, and Hygenco, among others.These startups innovate and attract investments. They contribute to fostering a sustainable and environmentally conscious future.
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