Indigrid Nets $4 Mn To Scale Production Of EV Components

Electric vehicle (EV) component maker Indigrid Technology has raised $4 Mn (INR 35.2 Cr) as part of a strategic funding round from existing investor Cactus Partners.

In a statement, the startup said that it plans to utilise the funds for expanding production capacity and offerings, enhancing automation, ramping up hiring and broadening presence both in India and other global markets.

Speaking with Inc42, Indigrid cofounder Sameer Narang said that a chunk of the proceeds will be utilised to set up additional facilities in Goa and Haryana’s Manesar.

Founded in 2015 by Narang and Rishab Puri, Indigrid Technology is a full stack electronics component manufacturer with in-house design and manufacturing capabilities. The Delhi NCR-based electronics system design and manufacturing (ESDM) startup makes battery packs, motor controllers, vehicle control units, components for EV drivetrains, among others.

The latest round comes more than a year after Cactus Partners led Indigrid’s $5 Mn Series A round in June 2024. Since then, the company has diversified into consumer electronics and now also caters to companies like Hella, Rosenberger, Sensetek, Sandhar, IFB, Revolt, among others.

“After raising the Series A round (last year), we moved from one facility to three facilities to cater to a larger client base. We also forayed into the consumer goods sector, which contributes 40-50% of our revenues… Having matured in the automotive industry, we have diversified to increase our product portfolio by acting on the evidently growing market traction in the consumer goods sector where we began acquiring some key clients,” added Narang.

On the financial front, Narang told Inc42 that Indigrid reported a revenue of INR 108.5 Cr in the fiscal year 2024-25 (FY25), adding that the company is targeting a top line of INR 350 Cr to INR 380 Cr in FY26.

The company also claims to operate at “high single-digit” EBITDA margin and projects to clock “double-digit” EBITDA margin growth in the “next couple of years.

The development comes at a time when the broader EV ecosystem continues to see healthy interest from investors despite its long gestation period and high capital expenditure requirements. Last month, Macquarie Asset Management raised $405 Mn for its fleet electrification platform Vertelo.

In July, mobility startup EVeez bagged $5.4 Mn in its Series A round led by the Michael & Susan Dell Foundation. A month prior in June, EV ride hailing startup Evera raised $4 Mn from Mufin Green Finance through a mix of convertible debentures and debt.

At the heart of all this is the growing Indian EV market, which is projected to become a $132 Bn opportunity by 2030.

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