The company said it plans to use the funds for R&D and manufacturing of its specialised polymers and phase-change materials.
Tata made the investment through its Tata Capital Innovations Fund, which concentrates on technology investments for start-ups all the way through to mature companies.
Fund partner Mohan Harshey said, “Pluss is a good example of the strength of Indian intellect and entrepreneurship.
“Through in-house research & development, it has developed products which address topical issues and have wide scale applications.”
Earlier this month Tata Capital also announced plans to launch a $1bn energy-focused private equity fund with India state-backed Power Finance Corporation.
PFC chairman and managing director Satnam Singh told local media the company would own a 49 per cent stake in the new vehicle, with Tata Capital holding the remaining interest.
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