EV Component Maker Indigrid Technology Bags $5 Mn In Maiden Round

Electric vehicles (EV) solutions provider Indigrid Technology has bagged $5 Mn (about INR 41.7 Cr) in a Series A round of funding led by Cactus Partners.

While the startup did not comment on the valuation at which it has raised funds, Cactus Partners told Inc42 that it will acquire a low double-digit percentage stake in Indigrid.

Founded by Sameer Narang and Rishab Puri in 2015, Indigrid Technology is a full stack EV component provider with in-house design and manufacturing capabilities. The company said so far, its business operations were run through the capital raised from family, friends and angel investors, and this is its first institutional round. 

The EV battery supplier will infuse the capital towards some of its key initiatives including expansion of production capacity, research and development, working capital as well as sales and marketing. Indigrid Technology claims to be working on new products in the EV powertrain space. 

“This investment will enable us to boost our product development efforts, ensuring we stay ahead of the high growth demand curve in the rapidly evolving EV market. Our focus on creating high-quality and reliability is paramount, and this partnership will support and enhance our mission,” cofounder Narang told Inc42.

According to the startup, its key offerings is the battery pack assembly, which includes modular battery packs for two and three-wheeler EVs designed for swapping. In addition, the company manufactures components for EV drivetrains as well as the sensors and hardware needed to operate battery swapping stations for EVs.

In addition to EVs, Indigrid also works as an electronics system design manufacturer (ESDM), PCB assembly and other areas related to the semiconductor manufacturing industry. 

Mumbai-based Cactus Partners recently announced the final close of its maiden early-stage fund at INR 630 Cr ($75.8 Mn), with a focus on cleantech, healthtech, B2B SaaS sectors. 

Amit Sharma, general partner at Cactus Partners, told Inc42, “We believe the time is right for Indigrid to build upon its initial success and establish itself as a critical member of the growing EV ecosystem in the country. Indigrid will be a leading example for the “make in India” initiative.”

While this is just the first institutional round for Indigrid, the startup claims to be eyeing an initial public offering (IPO) by FY28 or March 2028.