VFlowTech bags $20.5M led by Granite Asia

Energy storage solutions startup VFlowTech on Wednesday said it raised $20.5 million in a round led by Singapore-based multi-asset investment platform Granite Asia.

The funding round also saw participation from Antares Ventures, EDBI, MOL PLUS, PSA Ventures, and returning investors, including Inci Holding, UntroD Capital, Pappas Capital, Wavemaker Partners, SEEDS Capital, and Entrepreneurs First.

VFlowTecg will use the newly raised funds to scale its existing 100 megawatt-hour (MWh) manufacturing plant in India and accelerate the rollout of its Vanadium Redox Flow Batteries (VRFB) in India, it said in a statement.

"India is at a tipping point in its clean energy journey. With this funding, we are not just bringing advanced energy storage technologies to market—we are shaping the future of sustainable energy infrastructure in the region," said Avishek Kumar, Co-founder and CEO of VFlowTech, in a statement. 

He added, “With our AI energy platform, we intend to build digital brains to India’s energy backbone, while scaling our local manufacturing capabilities and creating high-quality jobs in the country.”

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The company also intends to scale up its hiring process across engineering, research, and operations teams in India. It will also use a portion of the funds to advance vanadium recycling and innovate electrolyte manufacturing to build local supply chain efficiency.

The New Delhi-based firm is already in advanced discussions with renewable energy developers and industrial clients to deploy up to 1 gigawatt hour of VRFB energy in the next few years.

This funding comes at a time when there is heightened focus on using renewable energy in the country, in line with India’s pledge to achieve 500 GWh of renewable energy capacity by 2030 and reach net-zero emissions by 2070.