Entellus Industries secures Rs 50 cr from ZeroW to scale rare earth metals alloy manufacturing

New Delhi, Jan 27 (PTI) Entellus Industries, a rare earth metals and alloys manufacturing company, on Tuesday said that it has secured Rs 50 crore funding from ZeroW to scale up business in the country.
     In a statement, Entellus Industries said that the latest round of funding will be used for capex to expand into sintered alloys and take its existing products to market.
     With its proven product capabilities, Entellus expects the expansion to support the production capacity of 2,000 tonnes of magnets per year.
     "Entellus Industries...has raised Rs 50 crore ... in its second round of funding, led by ZeroW, a boutique investment firm focused on deep-tech and emerging sectors founded by the Mekapati Family Office, the promoters of KMC group, one of the largest infrastructure conglomerates in India," the statement said.
     ValPro acted as transaction adviser.
     Entellus has previously raised USD 12 million from Social Capital, a Silicon Valley-based venture capital firm, to set up operations and build NdPr (Neodymium-Praseodymium) metal and bonded powder alloy manufacturing plants in Tamil Nadu.
     "Proving technical capabilities in rare earth metal and alloy manufacturing is non-trivial, and we are the first ones to achieve it verifiably in India. We wish to use this advantage in making India a truly global hub for rare earth magnet manufacturing," Entellus CEO Simha Kumar said.

(This story has not been edited by THE WEEK and is auto-generated from PTI)