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Grinntech Raises $2 Million In Bridge Funding Round

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  • After emerging from their incubator in the IIT Madras Research Park in September 2020, Grinntech quickly expanded its product lines focusing on a range of electric vehicles
  • Grinntech also announced the launch of the new Finch and Monal series of batteries

Grinntech, a manufacturer of lithium-ion batteries for electric two-wheelers, has successfully closed a bridge funding round of nearly $2 million (about Rs 15 crore). Puneet Jain, co-founder and director of Grinntech said in a statement that the company is grateful for this sign of confidence fromthe 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 per cent, we have already seen increased orders and enquiries.

Manufacturing facility in Ambattur, Chennai, commenced operations in the previous quarter

He added that with this bridge funding secured, the plans for growth of their business remain on target. After emerging from their incubator in the IIT Madras Research Park in September 2020, Grinntech quickly expanded its product lines focusing on a range of electric vehicles. These include 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.

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Grinntech also announced the launch of the new Finch and Monal series of batteries and the order to develop a larger battery pac incorporating advanced thermal managemen for a US-based original equipment manufacturer.

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