CastNX Private Limited is an emerging force in power electronics and lately has secured ₹23.22 crore from prominent investor Arpit Khandelwal and Plutus Investments and Holding Private Limited.
The startup is young and founded just four years ago by Sunita Tamboli. It is currently being managed by Manoj Modi and the company has carved a niche in the power electronics sector. Its advancements span a powerful portfolio and it includes General Purpose Variable Frequency Drives (VFDs), high-speed VFD technology and DC-DC modules. It has an India Design Centre in Indore and partnered with prestigious institutions such as IISc Bangalore, IIT Bombay and IIT Delhi. It is well-placed to tackle some of the biggest challenges in the sector which are efficiency, scalability and carbon footprint reduction.
The fresh round of funding by Plutus demonstrates a thoughtful investment approach. Plutus Wealth Management LLP follows a boutique investment philosophy and carefully selecting companies that align with long-term value creation.
The investment is to fuel the ambitious roadmap of CastNX and it includes enhancing R&D facilities, building a state-of-the-art testing and prototyping unit, and significantly increasing production capabilities. It is to target a manufacturing of 100,000 VFD units by 2026.
CastNX Managing Director Manoj Modi said that they committed to developing power electronics products that save energy and reduce carbon footprint. He added that the Plutus Wealth Management is welcomed by them and they even look forward to continue the innovative journey together. The sentiment resonates with the words of Arpit Khandelwal as he expressed confidence in the potential of CastNX to capture market opportunities while staying true to sustainability principles.
