Eyeing to boost R&D and produce 100,000 variable frequency drives by 2026, Indian power electronics startup CastNX has secured ₹232.2 million from Plutus Investments.
CastNX Private Limited, an Indian deep-tech startup specialising in power electronics, has recently secured an investment of ₹232.2 million from Plutus Investments and Holding Private Limited.
Additionally, Plutus’s director, Arpit Khandelwal, has purchased shares from existing investors. This funding will accelerate CastNX’s portfolio of energy-efficient and cost-effective solutions.
Moreover, the investment is set to bolster CastNX’s research and development (R&D) capabilities, testing and prototyping facilities, logistics, and double its R&D team in the coming years. The startup aims to establish a world-class production facility and produce 100,000 VFDs by 2026.
With its design centre located in Indore, CastNX has earlier partnered with institutions like IISc Bangalore, IIT Bombay, and IIT Delhi for advancements in the power electronics sector.
Founded in 2020 by Sunita Tamboli, the firm has made strides in developing a range of products, including general-purpose variable frequency drives (VFDs) for industrial use, high-speed VFDs for aerospace, and systems for green hydrogen extraction and electric vehicle charging.
Manoj Modi, Managing Director of CastNX, expressed enthusiasm about the partnership, stating their focus on power electronics solutions that conserve energy and lower carbon emissions.
Noting that CastNX’s strategies and commitment to sustainability aligned with their investment objectives, Arpit Khandelwal expressed confidence that CastNX was well-equipped to capitalise on new opportunities and deliver value to stakeholders.
Plutus Investments, part of the Plutus Group and co-founded by Arpit Khandelwal and Ramesh Siyani, is a boutique investment firm focused on long-term wealth creation through selective public and private equity investments.
