IIT Madras-incubated Grinntech, a start-up set up to increase and manufacture Lithium-ion batteries for electric cars (EVs), has raised $2 million from 4 investors, along with former vice-chairman of Ashok Leyland V Sumantran and Cognizant co-founder Lakshmi Narayanan. Sumantran and Lakshmi Narayanan may be joining the company’s board and be a part of the core team to take the start-up in its transformation into a commercial business enterprise. The other two buyers are UCAL Group and K S Manian, promoter of city-based Radiance Group, which is into real estate projects.
The fundraising comes at a time when the company is foraying into manufacturing. The company could be manufacturing batteries for two-wheelers, cars, and industrial vehicles in a phased manner. Initially, it will cater to the domestic market and it will have a look at export markets in the future.
Nikhilesh Mishra and Puneet Jain, co-founders of the company stated that it has become always a dream to create a technologically advanced Lithium-ion battery product-line that was built-to-cost for Indian situations in conjunction with its manufacturing system. The company is hopeful that it can catch the fast-developing wave for EV products by Indian clients.
The business enterprise has also unveiled a range of high-tech batteries with designs customized to Indian situations along with its proprietary, IoT- enabled BMS to power two-wheelers, three-wheelers and tractors and light vehicles. Going ahead the company can even study commercial vehicles.
Sumantran said that EVs are rapidly gaining reputation globally and in India, and specifically so at a time when India has articulated concern for self-reliance in vital EV technologies. In the coming years, market conditions will reward those EV battery makers that possess technological and operational competence. Grinntech’s mixture of overall performance, satisfaction, and economics will play a crucial part in that journey. Founded in 2013, Grinntech technology was licensed to battery OEMs which includes Amara Raja and Exide.
Laxmi Narayanan said that the future of energy is renewable with widespread capacity for the high boom. Digital technology such as IoT and data analytics play a critical role in permitting companies with newer business models to provide the much-needed connectedness, high performance, and superior consumer experience. It is heartening to see start-ups in India boldly include technology-driven solutions that can meaningfully cope with not just India’s demanding situations but also global ones.
The company has plans to scale up the manufacturing as soon as the goods get going and will look at setting up new production facilities. Apart from affordable, high-quality batteries that employ customizable and advanced thermal management, the company anticipates EV makers and clients will soon require additional talents like battery performance analytics and connectivity.