Grinntech
Grinntech

EV battery startup Grinntech closes bridge round of around $2Million

Grinntech is backed by IIT-Madras incubation and startup is working on lithium-ion batteries for electric vehicles (EVs).

Grinntech also announced the launch of the new Finch and Monal series of batteries and ordered to develop a larger pack, incorporating advanced thermal management and utilising Grinntech’s proprietary battery management system for a US-based OEM.

IIT-Madras incubated startup, Grinntech is working on specialising in lithium-ion batteries for electric vehicles (EVs) and energy storage systems. The startup announced that it has raised funding of around $2 Million, where all the existing investors have fully subscribed the offer.

Founded in 2013 by Nikhilesh Mishra and Puneet Jain, the IIT-Madras incubated startup is currently working on technologies that can enable fast adoption of EVs.

Electric Vehicles

Puneet Jain, Co-founder and Director, explained,

“We are grateful for this sign of confidence from our investors. On the back of the recent announcement from the Government of India, increasing the subsidy for EV two-wheelers and three-wheelers by 50 percent, we have already seen increased orders and inquiries. With this bridge funding secured, our plans for growth of our business remain on target.”

According to the company’s statement, Grinntech’s batteries offer the combination of design sophistication and quality to ensure superior performance and durability.

The startup is focusing on new standards in safety, intelligent controls, energy density, power management, long life, and reliability. Grinntech is also aiming at custom battery development for customers in India and abroad.

Grinntech also announced the launch of the new Finch and Monal series of batteries and the order to develop a larger pack, incorporating advanced thermal management and utilising Grinntech’s proprietary battery management system for a US-based OEM.

“Over the past year we have added the new Finch-series for the growing demand for 48V packs for two-wheelers and the Monal-series for 48V applications for larger tree-wheelers. In addition, we are encouraged by the interest in our 100V Falcon-series, and we are working with a select number of OEMs in the EV farm-tractor and LCV space. We had founded Grinntech on the basis of technical competence and we are confident that this aspect will be appreciated by Indian customers who are increasingly looking for PLI-compliant solutions and suppliers,” added Nikhilesh Mishra, Co-founder and Director.