CastNX Secures INR 23.22 Cr Investment from Plutus and Arpit Khandelwal to Drive Power Electronics Innovation The funding will boost CastNX's R&D in power electronics, supporting a new testing facility, tech upgrades, logistics expansion, and a production goal of 100,000 VFDs by 2026.
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CastNX Private Limited, an innovative deep-tech startup in the power electronics sector, has secured a significant INR 23.22 crore investment from Arpit Khandelwal and Plutus Investments and Holding Private Limited (Plutus).
This infusion of capital will propel CastNX's mission to create energy-efficient, cost-effective power electronics solutions for various industries. Notably, Khandelwal has also acquired additional shares through a secondary purchase from existing shareholders, strengthening his stake in the company.
The new funding will enhance CastNX's research and development capabilities, enabling the company to focus on advanced power electronics technologies. Specifically, the investment will support the establishment of a state-of-the-art testing and prototyping facility, the upgrade of technological infrastructure, and the expansion of logistics.
Additionally, CastNX aims to double its R&D team within the coming year and plans to establish a world-class production facility targeting the manufacture of 100,000 Variable Frequency Drives (VFDs) by 2026.
Manoj Modi, Managing Director of CastNX, said, "We're committed to developing power electronics products that save energy and reduce carbon footprint. We welcome Plutus Wealth Management and look forward to continuing this journey together."
Founded in 2020 by Sunita Tamboli and managed by Manoj Modi, CastNX has quickly established itself as a pioneer in power electronics, with a product portfolio that includes General Purpose Variable Frequency Drives for industrial use, high-speed Variable Frequency Drive (HSVFD) technology for aerospace, and DC-DC modules for green hydrogen and EV charging.
Operating from its India Design Centre in Indore, the company claims to collaborate with esteemed institutions like IISc Bangalore and IIT Bombay.
Arpit Khandelwal, Director at Plutus, remarked, "We're thrilled to partner with CastNX, whose innovative approach and commitment to sustainability align with our investment philosophy. We're confident CastNX will capture emerging opportunities and deliver substantial value to stakeholders."
