Chakr Innovation is a Gurugram-based Indian deeptech company founded in 2016 by IIT Delhi graduates that makes retrofit emission control devices for diesel generators and is developing aluminium-air and energy storage technology.

This Startup Deep Dive explains what Chakr Innovation does, how it makes money, who backs it, how it compares with rivals and what could go wrong, using publicly available information. It is educational and not investment advice. Last updated: October 2026.

Chakr Innovation in Brief

• What it is: Chakr Innovation is an Indian Cleantech / emission control and energy storage company based in Gurugram, Haryana.
• Who it serves: businesses, institutions, consumers, learners and public-sector buyers.
• Sells Chakr Shield, a retrofit emission control device that cuts particulate matter, hydrocarbons and carbon monoxide from diesel generator sets.
• Offers Dual Fuel Kits, IoT generator monitoring (GenSense), NOx reduction and an emission monitoring system.
• Develops Al-Air aluminium-based power and battery energy storage as an alternative to imported lithium-ion chemistry.
• Funding: Reports differ: about $28 million to $43.6 million.

Chakr Innovation Quick Facts

Figures marked “reported” come from published reports and may differ between sources; “Not disclosed” means no reliable public figure was found.

What Is Chakr Innovation?

Chakr Innovation operates in the Cleantech / emission control and energy storage space in India. Understanding a company like this starts with three questions: who is the customer, what painful problem is being solved, and why the solution is better than the alternatives. The sections below apply that lens to Chakr Innovation.

• Sells Chakr Shield, a retrofit emission control device that cuts particulate matter, hydrocarbons and carbon monoxide from diesel generator sets.
• Offers Dual Fuel Kits, IoT generator monitoring (GenSense), NOx reduction and an emission monitoring system.
• Develops Al-Air aluminium-based power and battery energy storage as an alternative to imported lithium-ion chemistry.
• Company claims over 2,000 customers and 5,000 installed devices.

The Origin Story of Chakr Innovation

Every company starts from a noticed gap and a team willing to commit to closing it. Strong origin stories are specific: a clear problem, a founding team with relevant skills, and an early product that real customers could test. Founder-market fit, meaning the team’s lived experience or technical depth in the domain, tends to predict how fast a young company learns.

• Founders: Kushagra Srivastava, Arpit Dhupar, Bharti Singhla.
• Founded in 2016 by IIT Delhi alumni Kushagra Srivastava, Arpit Dhupar and Bharti Singhla.
• The idea reportedly came from friends noticing diesel generator soot blackening a wall at a sugarcane juice shop.
• Received a Rs 25 million grant from Indian Oil Corporation in 2017 and installed the first Chakr Shield that year.
• Today runs manufacturing in Gurugram and Pune.

Key Milestones and Challenges

No startup grows in a straight line. Early years usually involve slow adoption, product rewrites, hiring mistakes and funding gaps. In the Cleantech / emission control and energy storage sector the common turning points are a first paying customer, a regulatory approval, a successful product demonstration or a funding round that lets the team invest ahead of demand. How a team responds to setbacks says more about resilience than any single headline.

• 2017: Rs 25 million grant from Indian Oil Corporation; first Chakr Shield installation.
• 2018: Rs 25 million raised from IDFC Parampara.
• 2019: Rs 135 million Series A from IAN Fund, ONGC and others; first Pune facility.
• 2021: Rs 500 million Series B from SBI Capital Ventures.
• 2022: Chakr Shield received CPCB type approval; Dual Fuel Kit launched.
• 2023: Rs 180 million debt from EXIM Bank.
• 2024: Rs 550 million from British International Investment; over 4,000 Chakr Shield installations.
• Sept 2025: $23 million Series C led by Iron Pillar.

Chakr Innovation Funding and Investors

Funding history shows how much outside confidence a company has attracted and how long it can operate before needing more capital. Figures below are reported and may differ between sources; valuation figures are estimates unless the company has confirmed them.

• 2017: Rs 25 million grant from Indian Oil Corporation.
• 2018: Rs 25 million from IDFC Parampara.
• 2019: Rs 135 million Series A from IAN Fund, ONGC and others.
• 2021: Rs 500 million Series B from SBI Capital Ventures.
• 2023: Rs 18 crore from Export-Import Bank of India (reported as Rs 180 million debt).
• 2024: Rs 550 million from British International Investment.
• Sept 2025: $23 million (Rs 193.5 crore) Series C led by Iron Pillar, with SBI Cap Ventures, ONGC, IAN and Inflexor participating.

How Does Chakr Innovation Make Money? (Business Model)

A business model describes who pays, how often and how much it costs to serve them. Strong models show repeat usage, improving margins with scale and acquisition channels that do not depend only on paid spend. Weak models show one-off sales, rising costs and growth that stops when spending stops. For companies selling to businesses, institutions, consumers, learners and public-sector buyers, sales cycles and contract size matter as much as headline growth.

• Hardware sales of retrofit emission control and dual-fuel kits to corporate campuses, factories and commercial hubs.
• Product-as-a-service and direct-to-customer offerings reported by an aggregator.
• Adds monitoring and energy storage products to increase revenue per customer.

The Numbers: Chakr Innovation Financials

Financial figures show whether growth is turning into a self-sustaining business. Small and private companies often disclose little, so any number below is included only if it was found in public reporting.

• FY24: revenue about Rs 124.8 crore, total expenses about Rs 121.3 crore, profit after tax about Rs 9.5 crore (aggregator).
• FY25: revenue about Rs 189.0 crore, up about 51.5%; profit after tax about Rs 3.6 crore; estimated EBITDA about Rs 21.7 crore (aggregator, unaudited).
• 42 patent applications filed and about 450 employees (as reported at the Series C).

Market Opportunity for Chakr Innovation

Market size is easy to exaggerate, so a useful approach separates the total market from the portion a company can realistically reach with its current product and distribution. The main forces behind demand in this sector are rising digital adoption, cloud and mobile penetration, growing enterprise technology spending, government digitisation programmes and a deep pool of engineering talent. Each of these widens the opportunity, but capital efficiency and execution decide who captures it.

• Targets India's large installed base of diesel generators in data centres, hospitals, real estate and manufacturing.
• CPCB norms on generator emissions drive demand for approved retrofits.
• Plans to expand globally and into energy storage.

Technology and Product at Chakr Innovation

Technology is rarely the whole moat, but it drives speed, cost and customer experience. A practical way to assess it is to separate the capability the company controls from the commodity infrastructure it rents. In this sector the important factors are product quality, data and integration depth, security, scalability and the speed of shipping improvements.

• Catalyst-based Chakr Shield since 2021 with CPCB type approval.
• Aluminium-air technology, including a prototype aluminium-powered two-wheeler.
• Plans a materials science centre for critical materials.

Team and Culture at Chakr Innovation

Teams are the most important and least measurable asset of a young company. Look at how complementary the founders’ skills are, how deep the second layer of leadership is, and how the company hires and retains specialists. Culture shows up in small repeated behaviours: how quickly bad news travels upward and whether commitments to customers are kept.

• Kushagra Srivastava, IIT Delhi alumnus, is co-founder and CEO.
• Mentors named by the company include Ajai Chowdhry, Jyoti Sagar and Rajiv Mehrishi.
• About 450 employees.

Chakr Innovation Competitors: Competitive Landscape

A fair competitive analysis names direct rivals, adjacent players who could move into the space, and the customer’s default alternative. Durable advantages include proprietary data or technology, licences and approvals, brand trust, switching costs and cost leadership.

Risks and Challenges for Chakr Innovation

• FY25 profit fell from FY24 despite higher revenue, per the aggregator.
• Regulatory dependence on diesel generator emission norms.
• Aluminium-air and storage bets are early stage and capital intensive.
• Funding totals differ widely across sources, so capital position is unclear.
• Competition: low barriers to entry and well-funded rivals can compress pricing and slow growth.
• Funding risk: technology businesses often burn cash before reaching profit and depend on investor appetite.

Risk is not a reason to avoid a company; it is a reason to price it correctly and to monitor the right indicators over time. Regulation in this sector is shaped by data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules.

Chakr Innovation Growth Outlook: What to Watch

• Series C funds to expand manufacturing, international growth, backward integration and R&D.
• Plans a dedicated materials science centre.
• Key indicators: recurring revenue, customer retention, gross margin, customer acquisition cost and runway.
• Funding position: Whether Chakr Innovation can reach its next milestone before needing new capital.
• Regulation: Changes from data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules.

Industry Context: Where Chakr Innovation Fits

India's technology startup ecosystem is one of the largest in the world, supported by cheap data, a large base of smartphone users, digital public infrastructure and a deep engineering talent pool. Companies now build for education, software, mobility, logistics, agriculture, defence, media and more, selling both to Indian customers and abroad.

Durable technology companies usually combine a clear customer problem with repeatable distribution and disciplined unit economics. Growth funded only by spending tends to fade, while products that customers keep using and paying for build compounding advantages.

For readers new to this field, a useful habit is to separate announcements from evidence. A plan, a partnership or a funding headline describes intent, while a delivered product, a paying customer or an audited financial statement describes results. Comparing the two over time shows how reliably a company turns promises into outcomes.

Bull Case and Bear Case for Chakr Innovation

An investment thesis is a short, testable statement of why a company could become far more valuable, together with what evidence would prove it wrong. The points below are general to this sector and are not forecasts for Chakr Innovation.

Bull case

• A large and growing base of digital users and businesses expands the addressable market.
• Recurring revenue and strong retention can compound growth.
• Selling into global markets widens the opportunity beyond India.

Bear case

• Heavy competition can compress pricing and margins.
• Dependence on external funding can force painful cost cuts.
• Regulation or platform changes can disrupt a product quickly.

Lessons Founders and Investors Can Take from Chakr Innovation

Studying a company in the Cleantech / emission control and energy storage space offers lessons that go beyond any single firm. The points below are general lessons for the sector and are not claims about Chakr Innovation.

• Solving a clear, frequent customer problem matters more than adding features.
• Retention and repeat usage are better health signals than sign-ups.
• Disciplined spending extends runway and keeps options open when funding tightens.
• Distribution, not just product quality, decides who wins in crowded markets.
• Building trust through data protection and reliability is part of the product.

How to Evaluate Chakr Innovation as a Startup

• Customer clarity: Can Chakr Innovation name its customer and the problem it solves in one sentence?
• Evidence of demand: Look for repeat customers, signed contracts or measurable usage rather than announcements alone.
• Economics: Check whether margins improve as volume grows.
• Execution: Compare announced timelines with what has actually been delivered.
• Funding runway: Estimate how long current capital lasts at the present spending rate.
• Regulatory standing: Confirm required approvals are in place.
• Customer concentration: Check whether a few customers account for most of the revenue.
• Management depth: Look for experienced leaders beyond the founders and a stable core team.

The Takeaway

Chakr Innovation is part of India’s growing Cleantech / emission control and energy storage ecosystem. The useful lesson from studying it is the discipline of asking structured questions about customers, economics, advantage and resilience. Companies that answer them well, repeatedly and under pressure are the ones that endure. Readers should treat any single report, ranking or funding headline as one input among many, and should re-check key facts against recent company announcements. Because public information on young companies is often limited, patience in verifying claims is part of good analysis. Public sources can also describe the same company in different ways, so it is worth checking dates, definitions and whether a figure refers to revenue, total income or transaction value, and whether it covers one entity or a wider group, before drawing conclusions. Small differences in rounding, currency conversion or reporting periods can also change how a figure reads. Comparing the same figure across several recent reports helps show whether it is stable or has changed over time. This article is educational and is not investment advice.

• Clear customers and repeat demand matter more than announcements.
• Regulation and capital needs shape how fast a startup in this sector can grow.
• Track a few leading indicators over time rather than one headline metric.

Chakr Innovation FAQs: Frequently Asked Questions

What is Chakr Innovation?

Chakr Innovation is a Gurugram-based Indian deeptech company founded in 2016 by IIT Delhi graduates that makes retrofit emission control devices for diesel generators and is developing aluminium-air and energy storage technology. It is profiled in the Startup Deep Dive series, which explains business model, funding, competitors and risks.

Who founded Chakr Innovation?

Chakr Innovation was founded by Kushagra Srivastava, Arpit Dhupar, Bharti Singhla, and the company reports a founding year of 2016.

How much funding has Chakr Innovation raised?

Reports differ: about $28 million to $43.6 million. Funding figures are reported and may differ between sources, so readers should check the latest company announcements.

How does Chakr Innovation make money?

Chakr Innovation earns revenue from its Cleantech / emission control and energy storage products and services sold to businesses, institutions, consumers, learners and public-sector buyers. The exact revenue mix is described in the business model section and is not fully disclosed publicly.

Who are the competitors of Chakr Innovation?

Reported rivals include Pi Green Innovations, Devic Earth, Clairco. See the competitor comparison above for how they differ.

What are the main risks for Chakr Innovation?

Main risks include competition: low barriers to entry and well-funded rivals can compress pricing and slow growth, funding and capital needs, competition and regulation by data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules. This is educational content, not investment advice.

Related Startup Deep Dives: Wishup — FY25 revenue about Rs 27.4 crore with a profit of about Rs 1.1 crore | Module Innovations — short profile of what is publicly known. Browse the full Startup Deep Dive series.

Source

Source: Publicly available data, published reports, industry research, and other credible sources.