Grinntech, a start-up which manufactures lithiumIon batteries for electric vehicles (EVs) and energy storage systems, has raised $2 million from four investors. The four investors include Cognizant Group, Ashok Leyland’s Former Vice Chairman V Sumantran. Following the investment, the two investors will be joining the company’s Board. The other two investors are the UCAL Group and Radiance Group.
The fund raising comes at a time when the company is foraying into manufacturing. Up till now it was only involved with research and development (R&D). The company will be manufacturing batteries for two-wheelers, cars and commercial vehicles in a phased manner at Chennai in Tamil Nadu. Initially, it will cater to the domestic market and expand via export routes.
Grinntech, which was incubated at IIT Madras, unveiled a range of high-tech batteries with designs customised to Indian conditions along with its proprietary IoTenabled BMS to power two-wheelers, three-wheelers and tractors/light vehicles.