Credit and Finance for MSMEs: Sustainability and SME focused Neev Fund II managed SBI Group’s alternative asset manager SBICap Ventures on Monday announced an undisclosed investment in Series B funding of emission control device manufacturing company Chakr Innovation. Launched in 2016 by IIT Delhi engineers – Kushagra Srivastava and Bharti Singhla, Chakr Innovation’s emission control device mitigates pollution at source and captures harmful particulate matter emissions.
Globally, air pollution causes 4.2 million premature deaths every year as per World Health Organisation while nine out of 10 people breathe air containing high levels of pollutants. India’s National Clean Air Programme (NCAP) and the National Green Tribunal (NGT) have identified diesel generator sets as the major source of emission of particulate matter. Recently eight states in India have notified that all operational DG sets of capacity 125 KVA and above have to be retrofitted with emission-control devices or shift to gas-based generators.
The notifications stipulated that the retrofit emission control device should have a minimum specified particulate matter capturing efficiency of at least 70 per cent. “Climate action and environmental sustainability are the need of the hour to save India’s cities and clean air action has been our mission since we founded Chakr in 2016. This equity infusion will help accelerate commercialisation of our innovative technologies for climate action and also help us expand our world class customer base,” said Kushagra Srivastava and Bharti Singhla, founders of Chakr Innovation in a joint statement.
The fund was announced during the EU-India Leaders Meeting and has secured the backing of the European Investment Bank (EIB), Foreign, Commonwealth and Development Office, Govt of UK, and the State Bank of India (SBI). According to the fund, It aims to provide growth and expansion capital to SMEs working towards efficient use of raw materials, water, clean energy, sustainable mobility, and circular economy.
“Neev Fund has a leadership status in environmentally and socially conscious investing. With investment in Chakr the fund has unlocked their value of being the vanguard of building a new generation of climate tech SMEs,” said Manav Bansal, CIO Neev Funds.