Cactus Partners (CP), has announced a USD 5 million investment in Indigrid Technology, a leading full-stack supplier of EV components. This strategic funding round underscores CP’s commitment to bolstering India’s burgeoning electric vehicle (EV) ecosystem.
Indigrid Technology, headquartered in Manesar, specializes in manufacturing EV components and serves prominent customers such as JP Minda, Hella, Revolt, Bounce, and Xidda. The company has established itself as a key player in the EV supply chain, catering to the growing demand for reliable and innovative solutions.
Capital Utilization
Cactus Partners’ USD 5 million investment in Indigrid Technology will fuel several critical initiatives aimed at accelerating the company’s growth. This includes expanding production capacity to meet rising EV market demands, enhancing and diversifying product offerings to serve a broader customer base, expanding market presence both locally and globally to increase market share, and investing in talent acquisition, training, and development to drive innovation and sustain growth momentum.
Strategic Insights
Amit Sharma, General Partner at Cactus Partners, expressed enthusiasm about the investment, stating, “We are thrilled to partner with Indigrid, recognizing the unwavering commitment the founding team brings into the business. We are impressed by Sameer and Rishab’s absolute commitment to their vision, dedication to innovate, agility to understand and solve customer problems, abide by highest ethical standards, and a relentless dedication and resilience to surmount challenges and build a profitable and sustainable business.”
He added, “We believe the time is right for Indigrid to build upon its initial success and establish itself as a critical member of the growing EV ecosystem in the country. Indigrid will be a leading example for the ‘make in India’ initiative. CVP, as per our stated strategy, will support the company with all our strategic resources in addition to the capital infusion.”
Founders’ Vision
Sameer Narang and Rishab Puri, co-founders at Indigrid Technology, expressed their excitement about the partnership with Cactus Partners. “We are thrilled to welcome Cactus as our new partner. Their alignment with our goals and values was a key factor in this collaboration,” they shared. “Cactus Partners shares our vision for a sustainable future powered by advanced EV technologies and is committed to supporting our efforts to localize innovation, manufacturing, and growth.”
They further added, “This investment will enable us to boost our product development efforts, ensuring we stay ahead of the high growth demand curve in the rapidly evolving EV market. Our focus on creating high-quality and reliability is paramount, and this partnership will support and enhance our mission.”
Fund Information
In December last year, Cactus Partners concluded the final close of Fund I with a total corpus of approximately Rs 630 crore. The fund has garnered capital commitments predominantly from institutional investors and family offices, with substantial contributions from both domestic and international limited partners based in the US, Singapore, the European Union, and the UK. Cactus Partners focuses broadly on climate tech, health tech, and B2B SaaS businesses, aligning its investments with sustainable growth and innovation.
The investment by Cactus Partners in Indigrid Technology marks a significant milestone in advancing India’s capabilities in EV manufacturing, underscoring the country’s transition towards sustainable mobility solutions.