IndiGrid Technology Raises $4 Million for Electric Vehicle Components

IndiGrid Technology, a leading electric vehicle (EV) component manufacturer, has successfully secured $4 million (approximately Rs 35.2 crore) in a strategic funding round led by existing backer Cactus Partners. Based in Gurugram, the company had earlier raised $7.72 million from Cactus Venture Partners. This newly acquired funding will be utilised for expanding production capacity, enhancing automation, increasing hiring efforts, and extending its reach in India and international markets, according to a statement from IndiGrid Technology.

About IndiGrid Technology

Founded in 2015 by Sameer Narang and Rishab Puri, IndiGrid Technology is a comprehensive electronics component manufacturer with in-house design and manufacturing expertise. This electronics system design and manufacturing (ESDM) startup is involved in producing battery packs, motor controllers, vehicle control units, and components for electric vehicle drivetrains, among other products.

Diversification and Growth

Having established a strong presence in the automotive sector, IndiGrid Technology has diversified its offerings to broaden its product portfolio, taking advantage of the burgeoning demand in the consumer goods market. The company has started to bring on board significant clients, as highlighted by Sameer Narang, co-founder of IndiGrid Technology.

Funding History and Future Outlook

This funding round comes more than a year after Cactus Partners led a $5 million Series A funding in June 2024. Since that investment, IndiGrid Technology has expanded into the consumer electronics domain, now serving notable clients such as Hella, Rosenberger, Sensetek, Sandhar, IFB, and Revolt.

For the fiscal year 2024-25 (FY25), IndiGrid reported revenues of Rs 108.5 crore and is projecting a top line of Rs 350 crore to Rs 380 crore in FY26. The company asserts that it operates with a high single-digit EBITDA margin, with expectations for double-digit EBITDA margin growth over the upcoming years.