Grinntech, an investor-backed start-up specialising in Lithium-Ion batteries for EVs and energy storage systems, has closed a bridge round of around $2M.
Speaking on the announcement, Puneet Jain, Co-founder and Director, said, “We are grateful to 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 enquiries. With this bridge funding secured, our plans for growth of our business remains on target.”
Nikhilesh Mishra, Co-founder and Director, added, “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.”
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