Cactus Partners (CP), an early growth-stage venture capital fund, has announced a strategic investment of $5 million in Indigrid Technology, a prominent full-stack EV component supplier based in Manesar, India. This marks CP's seventh investment since its inception in January 2021, with a specific focus on bolstering the EV component manufacturing sector.
Indigrid Technology has carved out a niche in the market as a preferred vendor for a diverse range of customers including JP Minda, Hella, Revolt, Bounce, and Xidda. With a strong emphasis on customer-centricity, deep domain expertise, and a robust product portfolio, Indigrid is poised to become a leading player in EV components both domestically and globally, aligning strongly with India's 'Make in India' initiative.
The $5 million investment from Cactus Partners will be instrumental in accelerating several key initiatives for Indigrid Technology. These include expanding production capacity significantly to meet the burgeoning demand for EV components, enhancing and diversifying their product offerings to cater to a broader customer base, and expanding their market footprint across India and international markets. Additionally, the capital infusion will be directed towards strengthening the team through strategic talent acquisition, training, and development initiatives aimed at fostering innovation and supporting sustainable growth.
Amit Sharma, General Partner at Cactus Partners, expressed enthusiasm about the collaboration, emphasizing Indigrid's commitment to innovation and customer service. "We are thrilled to partner with Indigrid, recognizing the unwavering commitment the founding team brings into the business", he stated. "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".
Sameer Narang and Rishab Puri, co-founders at Indigrid Technology, echoed similar sentiments regarding the partnership with Cactus Partners. "We are thrilled to welcome Cactus as our new partner", they commented. "Their alignment with our goals and values was a key factor in this collaboration. 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".
In addition to the financial investment, Cactus Partners aims to leverage its strategic resources to support Indigrid Technology's growth trajectory. The partnership underscores a shared vision for sustainable innovation, local manufacturing, and growth within the EV sector.
Established in December last year, Cactus Partners concluded the final close of Fund I with a total corpus of approximately Rs 630 crore. The fund garnered significant capital commitments from institutional investors and family offices, with 60% originating from domestic sources and the remainder from international limited partners across the US, Singapore, the EU, and the UK. Cactus Partners maintains a broad sector focus, primarily targeting investments in climate tech, health tech, and B2B SaaS businesses.
The investment in Indigrid Technology underscores Cactus Partners' commitment to supporting innovative ventures that drive technological advancement and sustainability in India and beyond. As the EV sector continues to expand rapidly, collaborations like these are poised to play a pivotal role in shaping the future of mobility and sustainable energy solutions globally.