Lithium-ion batteries manufacturer for electric two-wheelers, Grinntech has successfully closed a bridge funding round of nearly $2 million (about Rs 15 crore), wherein all existing investors participated.
In a statement, Puneet Jain, co-founder and director of Grinntech said – “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%, we have already seen increased orders and enquiries. With this bridge funding secured, our plans for growth of our business remain on target.”
Recently, the company also announced the launch of the new Finch and Monal series of batteries and the order to develop a larger battery pack—incorporating advanced thermal management—for a US-based original equipment manufacturer (OEM).
Grinntech emerged from their incubator in the IIT Madras Research Park in September 2020, after which it expanded its product lines focusing on a range of electric vehicles— including two-wheelers, three-wheelers, tractors and light commercial vehicles. Their manufacturing facility in Ambattur, Chennai, commenced operations in the previous quarter and can cater to a demand of up to 400 MWh. The company currently employs 70 people.