India Tech Report

There are challenges beyond importing sophisticated components that India’s deep tech startups can’t yet source locally. Some of these challenges are equally or more fundamental.

I had a chance to get some insights on this from Apoorv Shaligram, founder and CEO at e-TRNL Energy, recently.
Apoorv, his fellow founder Uttam Sen, and their team are innovating new cell architectures to make cells, batteries and their applications safer, more reliable and better alternatives to fossil fuel.

They are backed by well-known investors including Speciale Invest, Micelio, Navam Capital, Indian Angel Network, and Anicut.
Check out the related video for the full conversation with Apoorv. Here’s a one-minute view on how the real science and engineering knowhow underlying the products that many Indian deep tech startups are developing has to be acquired ground up.

In this episode I’m joined by Apoorv Shaligram, founder and CEO of e-TRNL Energy. Apoorv, and his fellow founder Uttam Sen, IIT Bombay alumni both, and their team are tackling the electric vehicle industry’s most critical “wants”: high levels of safety and fast charging.

While battery chemistry has attracted a lot of innovation effort, e-TRNL is focusing on the cell architecture instead. Their core innovation, 3D Electrode Architecture (3DEA), moves away from the traditional 2D thin-layered designs found in everything from smartphones to current EVs.

By fundamentally changing how current flows inside the cell, 3DEA reduces resistance and heat at the source, Apoorv explains. This makes batteries “super resilient” to thermal waste – the excess heat generated within a battery cell during its operation, primarily caused by internal resistance – preventing the catastrophic “cascading” fires in some EV batteries.

Chapters

(00:00) Origins and the Vision for Indian Energy Independence

Apoorv discusses his background at Michigan State and IIT Bombay, the early challenges of building “know-how” from YouTube videos, and the motivation to build home-grown battery technology for India’s energy transition.

(04:36) Addressing EV Consumer “Wants”: Safety and Fast Charging

An exploration of why current battery technology fulfills basic necessities but not the “wants” of the industry, specifically focusing on the need for 15-minute charging and fundamental safety improvements.

(07:21) Reinventing Manufacturing: The 8-Step Modular Process

Apoorv explains how e-TRNL reinvented the traditional 24-step manufacturing process into a more efficient 8-step operation using modular, container-sized units to reduce energy and environment control costs.

(12:26) Unpacking 3D Electrode Architecture (3DA)

A deep dive into the company’s core innovation: moving from traditional 2D “tape” layers to a 3D honeycomb design that reduces internal resistance and heat, solving safety and charging issues at the design level.

(18:21) Prismatic Innovations and the Road to 2027

Discussion on the company’s patented prismatic cell architecture, the limitations of 30-year-old “magnetic tape” manufacturing standards, and the roadmap to hit pilot manufacturing by early 2027.

(24:44) Barriers to EV Adoption and the “Know-How” Challenge

Apoorv identifies convenience and safety as the primary limiters for EV adoption in India and discusses the difficulty of finding specialized battery talent within the country.

(31:26) The 27.5 Crore Seed Round and Investor Evolution

Details on the recent funding round led by I-Group and Alpha, and how the investor discourse around deep tech and hardware has shifted significantly since 2021.

(36:03) Fundraising Best Practices and Mitigating Deep Tech Risk

Advice for aspiring founders on clearly communicating a roadmap, managing expectations regarding manufacturing timelines, and learning from global industry failures.

Beyond safety, this architecture unlocks the capability for 15-minute fast charging and longer-lasting, lighter battery packs, he says.

Apoorv also explains how they have verticalized their technology stack, putting together manufacturing processes from the ground up: They have also condensed the conventional 24-step manufacturing process into a precise 8-step operation. And the entrepreneurs envision modular, container-sized factories that reduce energy consumption and that are better suited to markets that lack large-scale adoption.

In this episode, Apoorv also talks about how India’s deep tech landscape is changing, with the government catalysing the discourse in the country. And we takeaway some lessons from e-TRNL’s recent Rs. 27.4 crore seed round, and the roadmap to hit full-scale manufacturing.

Coming up, tomorrow, a conversation with Apoorv Shaligram, founder and CEO at e-TRNL Energy in Bengaluru, where he and fellow founder Uttam Sen are innovating the next generation battery cell architectures and advanced manufacturing processes.

Apoorv and Uttam recently announced raising Rs. 27.4 crore (About $3 million) in seed funding, led by IAN Group (Indian Angel Network), with Navam Capital, and existing investors Speciale Invest, Micelio and others also joining in.
You can catch the full conversation right here, or wherever you get your podcasts. Here’s a 60-second preview with Apoorv talking about how the deep tech landscape in India is undergoing a government-led transformation.

So, this morning, I drove up to the new office that Apoorv Shaligram and Uttam Kumar Sen and their team at e-TRNL Energy have set up – still being given some final touches before a formal inauguration soon.

Sat down with Apoorv to record the next episode of Conversations. And it’s always an awesome experience to do this in-person, in whatever conditions present themselves onsite, in terms of light and sound. (I did carry two Neever panels and my DJI wireless mics, and more on that in a separate note.)

I’ve had the privilege of being acquainted with this deep-tech entrepreneur duo – IIT Bombay alumni – almost from the time they set up e-TRNL and, in one early conversation a few years ago, they’d tried to help me understand the tech innovations they had in mind.

Today, we caught up in the context of their recent announcement of having raised Rs. 27.4 crore (About $3 million) in seed funding, led by IAN Group (Indian Angel Network), with Navam Capital, and existing investors Speciale Invest, Micelio and others also joining in.

We also spoke about the funding experience — what’s changed, what worked, best practices and so on. Catch all of that in the full conversation right here, or wherever you get your podcast, on Friday, Feb. 20.

Here’s a 90-second preview, with Apoorv explaining 3DEA, their 3D electrodes architecture.

By the way, I also just started a WhatsApp channel for anyone who prefers to keep track of their deep tech news and views that way.

Listen to the point

MEINE Electric is an Indian deep-tech startup in Chennai, developing iron-air battery systems designed for long-duration energy storage of 16 to 24 hours. Founders Priyansh Mohan and Stuti Kakar hope that these batteries will help accelerate India’s transition to net zero carbon emissions.

They use a process of controlled reversible rusting to create a cost-effective, sustainable alternative to lithium-ion batteries and pumped hydro storage. By utilizing abundant materials like iron, air, and water, they aim to provide 100 percent renewable energy reliability for energy-intensive industries such as mining and data centres.

Their proprietary innovations include fast-charging capabilities and a unique gas-diffusion electrode that is compatible with high-volume manufacturing. The venture has secured pre-seed funding and plans to showcase its first product pilot later this year. Ultimately, they envision building a renewable energy ecosystem to stabilize the grid as global power demands shift toward green sources.

You can catch the full conversation right here, or wherever you get your podcasts. Here’s a quick point on how the founders are innovating to develop their product for scale.

Priyansh Mohan and Stuti Kakkar, founders of MEINE Electric, a deep tech startup in India, in the area of battery energy storage systems. Image source: MEINE Electric. Edited by Hari Arakali.

In this episode, I’m joined by Priyansh Mohan and Stuti Kakkar, school friends turned co-founders at MEINE Electric, to talk about their innovations in developing iron-air battery energy storage systems (BESS) for long duration energy storage (LDES).

Renewable energy in India faces a fundamental problem of timing. Solar panels and wind turbines produce electricity when nature dictates, not necessarily when industrial factories require it. For the green transition to succeed, power must be stored for the long hours when the sun is down or the wind is still. While lithium-ion batteries serve short durations, they remain too costly for day-long storage.

Priyansh and Stuti are innovating in the area of controlled, reversible rusting, with the aim of providing energy storage for 16 to 24 hours at prices lower than with current options such as pumped hydro storage and of course lithium-ion batteries. Their approach uses materials abundantly available — iron, air, and water — to avoid the complicated supply chains associated with rarer metals.

Stuti Kakkar and Priyansh Mohan

In this episode, we get a peek into the engineering innovations behind their technology and some of the challenges that remain in the way of building deep tech companies from India. Backed by Rebalance, Antler, Venture Catalysts, gradCapital, and Anna Incubator, Stuti and Priyansh have recently raised a pre-seed investment in their venture.

They expect to showcase a pilot-ready version of their first product as early as later this year.

Chapters

(00:00) Introduction to MEINE Electric and Iron-Air Technology:

An overview of the timing problem in renewable energy and the startup’s mission to provide long-duration storage through controlled reversible rusting.

(01:40) The Founders’ Journey and Pivot to Stationary Storage:

Priyansh Mohan and Stuti Kakkar recount their shift from a college project involving electric motorbikes to focusing on the emerging market for long-duration storage (LDS).

(05:40) Why Iron-Air: Solving the Rechargeability and Cost Problem:

The founders explain how customer feedback regarding high operating costs led them to move away from aluminum-air batteries in favor of rechargeable iron-air chemistry.

(08:00) The Science of Controlled Rusting and Fast Charging:

A technical dive into the material science required to prevent iron electrodes from shedding material and the engineering behind matching solar duty cycles.

(11:15) Targeting Energy-Intensive Industries and Solar-Heavy Grids:

Discussion of the 16-to-24-hour “sweet spot” for storage and how the technology can reduce electricity costs for mining and data centers.

(18:00) Global Competition and the Shift to Daily Battery Cycles:

An analysis of the global landscape, including competitors like Form Energy, and why MEINE’s approach is tailored specifically for the APAC region.

(20:10) Scaling Modular Units for Industrial Loads:

Details on the 40kW modular battery units and the company’s roadmap for transitioning from R&D to mass production facilities.

(27:10) Funding Milestones and the 2030 Long-Term Vision:

The co-founders outline their capital needs, current pre-seed funding status, and the eventual goal of developing a software-driven data layer for the energy ecosystem.

Priyansh Mohan and Stuti Kakkar, founders of MEINE Electric in Chennai, are developing an Iron-air battery energy storage system that they hope will help reduce curtailment of renewables-based power.

Listen to the preview

Renewable energy in India faces a fundamental problem of timing. Solar panels and wind turbines produce electricity when nature dictates, not necessarily when industrial factories require it. For the green transition to succeed, power must be stored for the long hours when the sun is down or the wind is still. While lithium-ion batteries serve short durations, they remain too costly for day-long storage.

Coming up on Feb. 10, in my next episode of Conversations at India Tech Report, I speak with Priyansh Mohan and Stuti Kakkar, friends from school turned co-founders – at MEINE Electric, to talk about their innovations in developing iron-air batteries for longer duration storage.

By controlling the process of reversible rusting, the duo aims to provide energy storage for 16 to 24 hours at a fraction of current prices. Their approach uses abundant materials — iron, air, and water — to avoid the complicated supply chains associated with rarer metals.

In this episode, we get a peek into the engineering innovations behind their technology and some of the challenges that remain in the way of building deep tech companies from India. Backed by Rebalance, Antler, Venture Catalysts and gradCapital, Stuti and Priyansh have raised a pre-seed funding recently.

They are working to release a pilot-ready version of their first product as early as later this year.

You can catch the full conversation right here, or wherever you get your podcasts. Here’s a 90-second preview.

Jay Panchal, founder and CEO at Aule Space, a Bengaluru space-tech startup that is developing a light-weight mission extension vehicle. Photograph by Hari Arakali.

Today I’m joined by Jay Panchal, founder and CEO of Aule Space, in Bengaluru. Jay started the company in 2024 with his fellow founders Nithyaa Giri, who’s Aule’s CTO, and Hrishit Tambi, its COO.

He talks about their efforts so far to develop “jetpacks” – sophisticated Mission Extension Vehicles (MEVs) designed for the task of rendezvous, proximity operations, and docking (RPOD).

The trio of entrepreneurs has just raised $2 million in pre-seed funding led by pi Ventures, a well-known deep tech VC firm in Bengaluru.

Chapters

(00:50) Introduction to Aule Space, jetpack technology and RPOD.

(03:10) Jay’s journey: From BITS Pilani to Pixxel to Aule.

(08:17) Defining the problem: Debris and the robotic workforce. The hardest part of space operations.

(12:01) Ground testing and simulating microgravity, refining docking algorithms and mechanisms before launch.

(16:54) Developing autonomous navigation (GNC) systems.

(23:05) The global landscape, non-cooperative docking and Aule’s innovations.

(28:17) Scaling the Indian space ecosystem and supply chain.

(30:59) Roadmap: From tech demonstrators to a 20-jetpack fleet to robots tailored for manufacturing and assembly in space.

Aule Space founders (L-R) Hrishit Tambi, Jay Panchal and Nithyaa Giri. Image source: Aule Space. Edited by Hari Arakali.

Aule is developing an innovative non-cooperative docking mechanism, giving its jetpacks the ability to latch onto satellites and debris not originally designed for docking. Its design combines a satellite-agnostic docking mechanism with AI-driven guidance, navigation and control algorithms, aiming to field one of the world’s lightest and most cost-efficient RPOD satellite fleets.

The company is targeting use-cases from life extension of high-value geostationary communications satellites and debris removal to defence applications such as close-in inspection for space-domain awareness. With the long-term vision of establishing a robotic workforce in space, Jay hopes that over the next five years, Aule will operate a fleet of jetpacks. Their technology demonstrator could be ready as early as next year.

Jay Panchal, founder and CEO at Aule Space, along with his fellow founders Nithyaa Giri and Hrishit Tambi, has raised $2 million led by pi Ventures, to build ‘jetpacks’ that can keep satellites going.

Listen to the preview

Coming up on Tuesday, Feb. 3
For my next episode of Conversations at India Tech Report, I sat down with Jay Panchal, the young Founder and CEO at Aule Space.

Jay and his fellow founders Nithyaa Giri and Hrishit Tambi have raised pre-seed funding for Aule to build autonomous “jetpack” satellites that can dock with spacecraft that are running out of fuel and keep them going in orbit.

The round totals $2 million, led by pi Ventures with participation from several angel investors, including former Intelsat board member Eash Sundaram and Tonbo Imaging chief executive Arvind Lakshmikumar.

Founded in 2024 by Jay, Nithyaa and Hrishit, Aule Space is developing satellites that can safely approach, latch on to and manoeuvre other spacecraft, a class of capability known in the trade as Rendezvous, Proximity Operations and Docking (RPOD).

The company will use the new capital to expand its engineering team, build ground infrastructure for docking tests and ready its first demonstration satellites, slated to launch next year.

Aule’s design combines a satellite-agnostic docking mechanism with AI-driven guidance, navigation and control algorithms, aiming to field one of the world’s lightest and most cost-efficient RPOD satellite fleets. The company is targeting use-cases from life extension of high-value geostationary communications satellites and debris removal to defence applications such as close-in inspection for space-domain awareness.

Catch the full conversation right here, or wherever you get your podcasts. Here’s a quick preview.

Manish Singhal, founding partner at pi Ventures, is a leading early-stage VC investor in deep tech startups in India. Image source: pi Ventures. Edited by Hari Arakali.

In this episode, I’m joined by Manish Singhal, founding partner of pi Ventures, a Bengaluru-based early-stage venture capital firm backing some of India’s most ambitious deep tech startups.

India’s start-up story is often told through software and services. Yet a quieter transformation is under way in laboratories, machine shops and clean rooms. And Manish has been one of the earliest investors consistently supporting this gradual change, first as an angel investor and then through pi Ventures.

Over the past decade, pi Ventures has gone from backing AI-led software plays to financing startups in sectors such as space, semiconductors, robotics, clean energy and electric mobility. From its first fund, pi Ventures backed companies such as Zenatix, Niramai, Sigtuple, Locus, and Wysa, but also Agnikul Cosmos.

The firm is currently investing from its second fund, which, at $85 million, is almost three times the first fund. Its portfolio now includes startups building 3D-printed rocket engines, optical interconnects for data centres, electric tractors designed from first principles and in-orbit satellite “jetpacks” that extend the life of multi-million-dollar assets.

Manish Singhal

Prior to pi Ventures, which turns 10 in March, Manish started out as an electrical engineer from IIT Kanpur, and accumulated two decades of operating experience – building products and teams at companies including Motorola, Ittiam Systems, and Sling Media, where he helped scale the company’s India R&D centre.

His firm’s recent investments such as Moonrider (electric tractors), LightSpeed Photonics (optical interconnects for AI data centers), and Aule Space (in-orbit satellite servicing) reflect Manish’s conviction that Indian startups can build globally relevant deep tech products.

He is not unaware of the still entrenched and considerable challenges in the way those dreaming of deep tech success from India. And he’s also clear-eyed about the limits of industrial policy, and wary of fads in “indigenous” technology.

But Manish is optimistic, when he talks about how deep tech founders in India are becoming more audacious in their aspirations and how India is on the cusp of being seen as a genuine deep-tech nation.

Chapters

(01:16) India Tech Report intro and Pi Ventures as a deep tech VC in India.

(03:08) Manish’s journey into deep tech and the evolution from software to space, semiconductors, and robotics.

(07:12) Why India is on the cusp of becoming a deep tech nation and the long build-up behind today’s momentum.

(11:06) How Pi Ventures’ investment thesis evolved from AI to materials and deep tech across sectors.

(16:25) Inside recent bets: MoonRider, Lightspeed Photonics, and early space as case studies in Indian deep tech.

(23:12) Founders dreaming global, defense as a demand driver, and the shifting role of Indian universities.

(31:04) Scale constraints, policy friction, and where India can truly lead in frontier technologies.

(37:09) Building for the world vs “indigenous for its own sake” and Manish’s views on fundamental innovation from India.

(41:25) The future of Pi Ventures, need for scale-stage deep tech capital, and a caution on shallow “deep tech” investing.