EV manufacturer IndiGrid raises $4 M funding from Cactus Venture Partners
The manufacturer of electric vehicle (EV) components, IndiGrid Technology, has raised $4 million, or roughly Rs 35.2 crore, from Cactus Partners, an existing investor, as part of a strategic funding round.
Previously, Cactus Venture Partners had contributed $7.72 million to the Gurugram-based company.
IndiGrid Technology stated in a press release that the money raised would be used to increase production capacity and offerings, improve automation, increase hiring, and expand the company’s footprint in India and other international markets.
Indigrid Technology, which was co-founded in 2015 by Sameer Narang and Rishab Puri, is a manufacturer of full stack electronics components with internal design and manufacturing capabilities. Battery packs, motor controllers, vehicle control units, and parts for electric vehicle drivetrains are among the products produced by the electronics system design and manufacturing (ESDM) startup.
“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,” said Sameer Narang, co-founder of IndiGrid Technology.
More than a year has passed since Indigrid’s $5 million Series A round, led by Cactus Partners, in June 2024. Since then, the business has expanded into consumer electronics, serving clients like Revolt, IFB, Hella, Rosenberger, Sensetek, and Sandhar, among others.
Indigrid is aiming for a top line of Rs 350 crore to Rs 380 crore in FY26, after reporting revenue of Rs 108.5 crore in FY25. It asserts that it operates at a high single-digit EBITDA margin and anticipates growing its EBITDA margin by double digits over the next two years.
