EV manufacturing startup Grinntech attracts $2 mn funding from investors

Grinntech, a start-up which manufactures LithiumIon batteries for EVs and energy storage systems, has raised $2 million from four investors, including from Cognizant Co-founder Lakshmi Narayanan and 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 UCAL Group and K S Manian, promoter of 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 phased manner at Chennai. Initially, it will cater to the domestic market and expand via export routes.