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Electronics systems design and manufacturing (ESDM) startup Indigrid Technology has raised an additional ₹40 Cr in its Series A funding round led by Valour Capital, with participation from ITI Growth Opportunities Fund, Vimson Group and Global South Capital. This comes after the startup raised ₹35.2 Cr last year from Cactus Partners.
The startup plans to use the fresh capital for capacity expansion, strengthening design and R&D capabilities, working capital support and selective forward and backward integration, including potential technology and startup acquisitions. It has scaled its manufacturing capacity fivefold over the last two years and plans to increase its manufacturing footprint to three units.
Indigrid currently operates a facility in Gurugram and recently opened a new unit in Goa. The startup has also secured additional land in the state to build a larger plant spread across three acres.
The Goa facilities will be closer to ports. They are aimed at leveraging incentives provided by the state government and developing a local supplier ecosystem. The state has a policy similar to the Centre’s PLI scheme, offering up to 25% capex subsidy and revenue-linked incentives.
Founded in 2015 by Sameer Narang and Rishab Purias, Indigrid operates across automotive and consumer appliances.
Indigrid’s Expansion Plans
In the auto segment, it manufactures motor controllers, DC-DC converters and regulator rectifiers. It works with companies catering to OEMs such as Maruti Suzuki and Toyota. It also has products under testing with Hero MotoCorp and is seeing traction from Korean OEMs, Narang said.
For the consumer appliances segment, Indigrid designs and manufactures control systems for ACs, washing machines and small kitchen appliances. It counts IFB among its clients, along with several tier II & III brands.
Indigrid also assembles battery packs using cells sourced from Japan’s Murata. These are supplied largely to fleet operators and are used across EVs, drones and stationary applications, though this vertical is smaller compared to its core power electronics business.
The startup reported a revenue of ₹108.5 Cr in FY25 and expects to close FY26 in the ₹200 Cr to ₹250 Cr range, Narang said. It has an order book of around ₹600 Cr for FY27 and expects to reach that revenue milestone over the next two years.
In terms of profitability, Indigrid is targeting an EBITDA margin of around 7.5% in FY26, with a steady-state margin of 10-10.5%. As its original design manufacturing (ODM) vertical scales from contributing about 10% of revenue currently to 20-25% over the next few years, the startup expects margins to expand further, potentially touching 14%.
Looking ahead, Indigrid is preparing for another fundraise of $25 Mn to $30 Mn later this year to build a 3 Lakh sq ft facility, its third one, in Goa.
This comes at a time when the Centre is doubling down on boosting domestic electronics manufacturing. In the Union Budget 2026, finance minister Nirmala Sitharaman proposed increasing the outlay for the Electronics Component Manufacturing Scheme (ECMS) to ₹40,000 Cr from ₹22,919 Cr earlier.
The government said the move aims to capitalise on strong industry response, with investment proposals worth ₹1.15 Lakh Cr already received under the scheme, nearly double the original target of ₹59,350 Cr.
Approved in March last year, the ECMS seeks to build a $500 Bn domestic electronics component manufacturing ecosystem by FY32 through turnover-linked, capex-linked and hybrid incentives, with a portion tied to employment generation. The broader electronics manufacturing sector in India has also seen steady growth, with domestic output rising from ₹9.52 Lakh Cr in FY24 to ₹11.3 Lakh Cr in FY25.
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