Indigrid Technology, a prominent manufacturer of electrical and powertrain components for electric vehicles (EV), has successfully raised $5 million in a funding round led by Cactus Partners. This significant investment is poised to accelerate Indigrid’s growth and reinforce its position within the burgeoning EV ecosystem in India.
“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. CP, as per our stated strategy, will support the company with all our strategic resources in addition to the capital infusion,” said Amit Sharma, general partner at Cactus Partners.
Founded in 2017, Indigrid initially focused on manufacturing electrical components for EVs. The company later expanded its product line to include powertrain components such as motor control units and vehicle control units for two-wheelers. A powertrain, comprising essential parts like the engine, transmission, driveshaft, and axles, is crucial for vehicle movement.
Indigrid collaborates with several original equipment manufacturers (OEMs), including Hero MotoCorp, Bounce Electric, Revolt, and Kinetic. The company’s co-founder, Sameer Narang, shared insights into their strategic plans following the funding round.
Indigrid, which currently employs about 130 people, will allocate the new funds to enhance its research and development capabilities. Additionally, the company aims to ramp up the production of printed circuit boards (PCBs) from the current output of 100,000 units per month to approximately 400,000-500,000 units per month within a year.
Narang elaborated on their growth strategy, stating, “We will also expand the variants of powertrains that we currently produce. Going ahead, about 40% of the business will come from powertrains, while the rest will come from electronics.”
In the fiscal year 2024 (FY24), Indigrid reported revenues of around Rs 70 crore. With the fresh capital infusion, the company is targeting to double its revenue in the fiscal year 2025 (FY25).