IndiGrid Technology, a maker of electric vehicle (EV) components, has raised $4 million (about Rs 35.2 crore) in a strategic funding round led by existing investor Cactus Partners. The Gurugram-based company previously raised $7.72 million from Cactus Venture Partners.
Key Highlights
- IndiGrid secures $4M from Cactus Partners to expand EV component manufacturing capacity and global presence.
- Funding designated for ramping up automation, production, hiring, and diversifying product offerings for EV segments.
IndiGrid Technology said in a press release that the proceeds will be used to expand production capacity and offerings, improve automation, increase hiring, and broaden its presence in India and other global markets.
Indigrid Technology, founded in 2015 by Sameer Narang and Rishab Puri, is a full stack electronics component manufacturer that has in-house design and manufacturing capabilities. The electronics system design and manufacturing (ESDM) startup manufactures battery packs, motor controllers, vehicle control units, and components for EV drivetrains, among other things.
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"After maturing in the automotive industry, we expanded our product portfolio by capitalizing on the clearly growing market traction in the consumer goods sector, where we began acquiring some key clients," said Sameer Narang, co-founder of IndiGrid Technology.
The most recent round comes more than a year after Cactus Partners led Indigrid's $5 million Series A round in June 2024. Since then, the company has expanded into consumer electronics and now serves companies such as Hella, Rosenberger, Sensetek, Sandhar, IFB, and Revolt, among others.
Indigrid had a revenue of Rs 108.5 crore in fiscal year 2024-25 (FY25), and it expects a top line of Rs 350 crore to Rs 380 crore in FY26. It claims to operate at a high single-digit EBITDA margin and expects double-digit growth in the coming years.
