PNN
Ahmedabad (Gujarat) [India], October 22: CastNX Private Limited ("CastNX"), a pioneering deep-tech startup in power electronics, today announced a Rs23.22 Cr investment from Arpit Khandelwal and Plutus Investments and Holding Private Limited ("Plutus"). Additionally, Arpit has also acquired shares through secondary purchase from existing shareholders. This strategic funding will accelerate CastNX's mission to develop energy-efficient and cost-effective power electronics solutions.
CastNXPvt. Ltd is a deep-tech startup revolutionizing power electronics. With its India Design Centre (IDC) in Indore, Madhya Pradesh, and collaborations with IISc Bangalore, IIT Bombay and IIT Delhi, CastNX is poised to drive innovation and sustainability in the power electronics industry.
Plutus Investments and Holding Private Limited, a Plutus Group company, is promoted by Arpit Khandelwal and Ramesh Siyani. Plutus Wealth Management LLP is the flagship entity and is a boutique proprietary investment firm with a mission to build long-term wealth by investing in select stories. Plutus follows multiple investment strategies to identify ideal investment ideas and invests in both listed and unlisted equities.
Founded in 2020 by Ms. Sunita Tamboli and managed by Manoj Modi, CastNX has established itself as a leader in power electronics product development. Its diverse portfolio includes General Purpose Variable Frequency Drives (VFDs) for industrial applications, High-Speed Variable Frequency Drive (HSVFD) technology for aerospace engineering, material lifting drones, and high-speed machine tools, DC-DC modules for green hydrogen extractors and electric vehicle (EV) charging stations.
The investment will enhance CastNX's research and development facilities, focusing on power electronics-based products. Funds will also support Developing a state-of-the-art testing and prototyping facility, Upgrading technological infrastructure and logistics, Doubling R&D strength in the coming years. Establishing a world-class production facility with a goal of manufacturing 1,00,000 VFDs by 2026.
"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." Says Manoj Modi, Managing Director, CastNX.
"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." Says Arpit Khandelwal, Director, Plutus.
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