Climate tech startup Newtrace has secured ₹28 crore (approximately $3.12 million) in a pre-Series A funding round led by HDFC Bank and Mitsui Sumitomo Insurance from Japan. This investment marks a significant milestone for the Bengaluru-based company, with contributions also coming from existing investors including Aavishkaar Capital and Peak XV Partners.
The funding round, approved by Newtrace’s board, involves the issuance of 2,541 pre-Series A CCCPS at an issue price of ₹111,694 each. The company’s valuation is expected to remain at ₹237 crore (approximately $26 million) post-investment.
The raised capital will be allocated towards product development, expansion, and infrastructure improvement. Newtrace, founded in 2021 by Prasanta Sarkar and Rochan Sinha, specializes in developing cost-efficient electrolyzer technology for large-scale green hydrogen production. Their scalable systems aim to lower costs and reduce dependence on rare earth metals.
Prior to this round, Newtrace had already raised over $6.5 million, with a significant portion coming from a previous round led by Peak XV and Aavishkaar Capital. This new funding will see Speciale Invest emerge as the largest external shareholder, followed by Peak XV and Micelio Technology Fund.
Source: Entrackr : Latest Posts