Indigrid Technology is an EV component manufacturing startup that recently secured $5 million in a  round led by VC fund Cactus Partners. The startup raised this funding in its first institutional round with participation from new and existing investors. The startup plans to use these fresh proceeds for  expansion, product development, and other general corporate purposes. 

This Haryana-based startup designs and develops Electric Vehicle components. The co-founders of  Indigrid Technology, Sameer Narang and Rishab Puri mentioned that the investment would help the  startup to enhance its product development while meeting market demand of the EV sector. The investment helps the firm to enhance its mission and focuses on developing high-quality EV solutions. Cactus Partners has been investing in the company for a long time, this round marks the seventh  investment by the firm in this startup.  

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Cactus Partners is an early-growth venture capital fund that has made investments in various startups  including AMPM, Kapture, Vitraya, Rubix, and Lohum. The Partner at Cactus Partners, Amit Sharma  highlighted that they believe in the business model of Indigrid and the startup can establish itself as  the leader in this growing EV market in India. He mentioned that this startup will be a prime example  for the Make in India program. This VC firm closed its final maiden early-stage fund at $78.5 million  aiming at startups in the sectors including healthtech, climate, and SaaS.  

Inc42 mentioned that Indigrid Technology is aiming to get an Initial Public Offering by FY28. This  investment and the collaboration between these two companies will bring positive market shifts in the  Electric Vehicle manufacturing and designing of components environment leading to the growth of  make in India while solidifying its position in the global EV market. The startup manufactures and  designs Electric components.  

Conclusion: 

Haryana-based EV startup, Indigrid Technology designs and develops EV components. The startup has  raised a $5 million fund in its first institutional round led by early-growth stage VC firm Cactus Partners.  The round had participation from several new and existing investors. The company plans to use these  fresh proceeds to expand its network, meet market demand, and product development. This EV  manufacturing firm offers electric Vehicle components and services to other businesses. This  investment from Cactus Partners will enable the startup to enhance its product development while  meeting the market demand. This fund will help the firm enhance its mission and focus on developing  high-quality EV solutions. Cactus Partners has been investing in the company for a long time, this round  marks the seventh investment by the firm in this startup. The VC firm believes in the business model of Indigrid and they trust that this startup can establish itself as the leader in this growing EV market  in India. Amit Sharma mentioned that the startup has the potential to set a prime example for the  Make in India program. This VC firm focuses on companies in sectors including healthtech, climate, and SaaS.