CastNX Secures Rs 23.22 Cr Investment to Drive Power Electronics Innovation

Indore, Oct 22 (KNN) CastNX Private Limited ("CastNX"), a cutting-edge deep-tech startup specialising in power electronics, has successfully raised Rs23.22 crore in a funding round led by Arpit Khandelwal and Plutus Investments and Holding Private Limited ("Plutus").

This strategic investment, coupled with Arpit Khandelwal’s acquisition of shares through secondary purchases from existing shareholders, is set to accelerate CastNX's mission to develop energy-efficient and cost-effective power electronics solutions.

Founded in 2020 by Sunita Tamboli and managed by Manoj Modi, CastNX is at the forefront of power electronics innovation. With its India Design Centre (IDC) located in Indore, Madhya Pradesh, and collaborations with prestigious institutions like IISc Bangalore, IIT Bombay, and IIT Delhi, CastNX has carved a niche in the industry.

Its diverse product portfolio includes General Purpose Variable Frequency Drives (VFDs) for industrial use, High-Speed Variable Frequency Drive (HSVFD) technology for aerospace applications, DC-DC modules for electric vehicle (EV) charging stations, and green hydrogen extraction technologies.

The newly acquired funds will enable CastNX to bolster its research and development efforts, expand testing and prototyping capabilities, and enhance its technological infrastructure.

The company also plans to double its R&D workforce in the coming years and establish a state-of-the-art production facility aimed at manufacturing 100,000 VFD units by 2026.

“We're committed to developing power electronics products that not only enhance energy efficiency but also contribute to reducing carbon footprints,” said Manoj Modi, Managing Director of CastNX. “We are excited to welcome Plutus Wealth Management into our fold and are confident that this partnership will help us scale new heights.”

Plutus, led by Arpit Khandelwal and Ramesh Siyani, is known for its strategic investments in innovative companies. “We’re thrilled to partner with CastNX, whose focus on sustainability and innovation aligns perfectly with our investment philosophy,” said Arpit Khandelwal, Director of Plutus.

“We are confident CastNX will capture emerging market opportunities and deliver significant value to stakeholders.”

With this infusion of capital and strategic backing, CastNX is well-positioned to lead the power electronics industry toward a greener, more sustainable future.

(KNN Bureau)