Chennai, October 29, 2026: Viridian Ingni Propulsion, a Chennai-based propulsion technology startup incubated at IIT Madras Research Park, has raised ₹1.47 crore in a pre-seed round led by Inflection Point Ventures (IPV). The company also received ₹53.75 lakh in grants from SIPCOT (Tamil Nadu Government), MEITY Startup Hub, NIDHI PRAYAS under the Department of Science and Technology and Ministry of Heavy Industries, IIT Madras Research Park’s RTBI programme, and Cummins CSR.
The new funding will support Viridian Ingni Propulsion’s transition from validated prototypes to pilot production. The company plans to use the capital for motor stamping tooling and dies, establishing a pilot production line and small manufacturing facility, completing ARAI/ICAT certification and homologation, validating motor controller firmware, expanding engineering and business teams, and providing working capital for initial customer deliveries based on existing letters of intent.
Focus on complete propulsion systems
Viridian Ingni Propulsion develops complete electric propulsion systems, including in-house design and validation of motors, controllers, and firmware. The company differentiates itself by delivering all three components as a single validated unit, targeting applications in electric vehicles, drones, robotics, and industrial machinery.
The startup customizes magnet technology for each use case, employing rare-earth-free ferrite PMa-SynRM motors for e-rickshaws, two-wheelers, HVAC, compressors, and solar pumps, and rare-earth PMSM motors for drones, cobots, AGVs, and marine applications where power density is critical. Its shared design platform aims to reduce incremental cost and time-to-market for new applications while lowering Indian OEMs’ reliance on imported rare-earth magnets from China.
Leadership and market targets
Founded in February 2024 by Sriram G, who serves as Founder and CEO and has nearly 14 years of experience in electric vehicle and propulsion systems engineering, the company currently operates with a five-member engineering-led team out of IIT Madras Research Park. Viridian Ingni Propulsion holds letters of intent for 350 motors from Crop Xplore and Yali Mobility, with a focus on the automotive EV, drone/UAV, robotics, and industrial machinery markets.
Mitesh Shah, Co-founder of Inflection Point Ventures, said the company is addressing a critical gap in India’s EV and propulsion ecosystem by developing its entire technology stack in-house. Sriram G, Founder & CEO, noted that the company aims to make Indian-designed propulsion the default choice for OEMs in EV, drone, and industrial sectors.
Industry outlook and investor activity
According to MarkNtel Advisors, India’s EV motor market was valued at approximately USD 0.90 billion in 2024 and is projected to reach USD 2.89 billion by 2030, growing at a CAGR of around 21.5 percent. Grand View Research estimates the global EV traction motor market at USD 12.57 billion in 2024, with projections to reach USD 74.17 billion by 2030 at a CAGR of about 30.2 percent.
Inflection Point Ventures has invested over ₹900 crore across more than 280 startups, backing 16 startups in the first quarter of 2026 alone.
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