Neev Fund II to invest in Chakr Innovation
Neev Fund II, a sustainability and SME-focused fund managed by SBICap Ventures, announced its first investment of an undisclosed sum as Series B growth capital into Chakr Innovation — an emission control device manufacturing company that mitigates pollution at source and captures harmful particulate matter emissions.
Chakr Innovation was started by two IIT Delhi engineers — Kushagra Srivastava and Bharti Singhla who had a passion to solve the threat of air pollution for major Indian cities.
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 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 stipulate that the retrofit emission control device should have a minimum specified particulate matter capturing efficiency of at least 70 per cent. Chakr’s technology is helping industries reduce emissions, staying compliant as well as drive a positive environmental change
The Neev Fund II was announced during the EU-India Leaders Meeting and has already secured backing of the European Investment Bank (EIB), Foreign, Commonwealth and Development Office, Government of UK, and the State Bank of India (SBI). It aims to provide growth and expansion capital to SME companies working towards efficient use of raw materials, water, clean energy, sustainable mobility, and circular economy in the country.
Akshay Panth, Principal, Neev Funds, said: “Chakr is emerging as a leading mission-driven, clean-technology company that will transform energy managers’ woes of pollution risk. Chakr is part of a new league of clean-tech focused SMEs that are shaping the fight against climate change. Neev is delighted to be part of Chakr’s journey in helping them develop newer markets and products.”