Climatetech startup Newtrace and cooling solutions platform Tan90 have raised early-stage funding, the companies said on Wednesday.
Climatetech startup Newtrace has raised $5.65 million (Rs 46.7 crore) in a seed funding round co-led by Sequoia Capital India and Aavishkaar Capital.
The round also saw participation from existing investors Speciale Invest and Micelio Fund along with new investors Ashish Goel, (Urban Ladder) and IKP Knowledge Park.
The Bengaluru-based startup will use the funds to expand manufacturing of its proprietary technology as well as its deployment across India and overseas.
Founded in 2021 by Prasanta Sarkar and Rochan Sinha, Newtrace is a climatetech startup that aims to make green hydrogen production cheaper, scalable and efficient by way of its proprietary, patent-pending electrolyzer technology. It aims to deploy its technology to sectors such as refineries, fertilisers, chemicals, steel and cement, and transportation
"This round of funding will enable us to scale our operations and meet the growing demand for our electrolyzers," said Prasanta Sarkar, co-founder and chief executive officer, Newtrace.
The round also saw participation from 3i Partners and a clutch of undisclosed angel investors based out of Singapore, the Middle East, and India.
The Chennai-based startup will deploy the proceeds to expand its presence in tier II cities and overseas with a particular focus on Southeast Asia.
Founded in 2019 by Soumalya Mukherjee, Rajani Kant Rai, and Shiv Sharma, Tan90 provides its clients with proprietary passive cooling solutions that enable them to transport their perishables with any logistics service including electric vehicles.
The startup operates across industries such as food industries, pharmaceutical, and diagnostics industries and aims to expand to, industrial cooling, and space cooling as well in the future
"This funding will support our expansion in major cities like Mumbai, Kolkata, Kochco-i and Visakhapatnam in the coming quarter,” said Soumalya Mukherjee, co-founder, Tan90.