Indigrid Technology Series A: ₹40 crore for electronics manufacturing

FundingIshaan VardhanOct 20, 20269 min read

Indigrid Technology, an electronics manufacturer based in Manesar near Gurugram, raised ₹40 crore in February 2026. That closed an extended Series A at ₹75 crore. The company makes motor controllers, power converters and appliance control boards for automotive and consumer brands. Its co-founder said revenue was on track to roughly double in FY26. Below: who invested, what the business does, the numbers it disclosed, and what we found about the months since.

Key takeaways

• Indigrid Technology announced ₹40 crore of new funding on 12 February 2026, bringing its extended Series A to ₹75 crore together with a $4 million cheque from Cactus Partners in September 2025.
• The company’s release named Cactus Partners as lead of the Series A, while Inc42 reported that Valour Capital led the new ₹40 crore tranche. ITI Growth Opportunities Fund, Vimson Group and Global South Capital also invested.
• Co-founder Sameer Narang told Inc42 the company had FY25 revenue of ₹108.5 crore, expected ₹200–250 crore in FY26, and had an order book of about ₹600 crore for FY27.
• It runs three factories, two in IMT Manesar (Haryana) and one in Verna (Goa), and says it serves more than 35 major customers.
• Indigrid Technology is not IndiGrid, the KKR-sponsored power transmission trust listed on Indian exchanges. The two are unrelated.

The round and who backed it

The company announced on 12 February 2026 that it had raised an additional ₹40 crore, closing its extended Series A at ₹75 crore, according to the release carried by CXO Today and The Machine Maker. The release says Cactus Partners led the Series A, and that Valour Capital, ITI Growth Opportunities Fund, Vimson Group and Global South Capital took part. Inc42 reported the new ₹40 crore as led by Valour Capital. The two accounts fit together if Cactus anchored the overall Series A and Valour led the latest tranche, but the company hasn’t spelled that out.

The other part of the ₹75 crore came earlier. In September 2025, Indigrid raised $4 million (about ₹35.2 crore) from Cactus Partners, as reported by Evertiq and Entrepreneur India. Before that, in June 2024, Cactus Partners put $5 million into the company in what Indian Startup News described as its first institutional round. The company’s own website now describes its Series A as ₹115 crore. We couldn’t find a public breakdown that reconciles that number with the ₹75 crore in the February release, so we report both as published.

For readers outside India: one crore is 10 million rupees, so ₹40 crore is ₹400 million.

What the investors said

Karan Goshar of Valour Capital called the company’s integrated model “a strong platform for the ‘China-plus-one’ shift”, meaning the move by global brands to add manufacturing outside China, according to CXO Today. Rajeev Kalambi of Cactus Partners said the firm had worked with the team on execution and governance, and called the follow-on raise validation of what they had built.

What Indigrid makes

Indigrid was co-founded by Sameer Narang and Rishab Puri. Published founding years differ (2015, 2016 and 2017 all appear in coverage). The company’s website says 2016. It started in electric vehicle parts and moved into motor and vehicle control units for two-wheelers, according to Evertiq, before broadening into contract electronics manufacturing.

Today it describes itself as offering three kinds of service:

• EMS (electronics manufacturing services): building circuit boards and products to a customer’s design.
• ESDM (electronics system design and manufacturing): the Indian government’s umbrella term for designing and building electronic systems.
• ODM (original design manufacturing): designing a product itself and building it for a brand to sell under its own name.

According to Inc42, the product list includes motor controllers, DC-DC converters and regulator rectifiers for automotive OEMs, control systems for air conditioners and washing machines, and battery pack assemblies for electric vehicles and drones. Its website also lists consumer products such as Bluetooth speakers, smartwatches and kettles, and industries including medical devices, railways, aerospace and defence, and industrial automation.

Who it sells to

Inc42 reported that Indigrid works with companies that supply OEMs such as Maruti Suzuki and Toyota, so it sits a tier below the carmakers. It counts appliance maker IFB as a client, has products under testing with Hero MotoCorp, and is seeing interest from Korean OEMs. In 2024, Indian Startup News listed JP Minda, Hella, Revolt and Bounce among its clients. The company says it now serves more than 35 marquee customers.

Factories, capacity and certifications

According to its website, Indigrid runs three plants:

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SMT (surface-mount technology) lines are the automated machines that place tiny components onto circuit boards. They’re the core of any electronics assembly plant. The company says it has six SMT lines, about 107,000 sq ft of plant space, two in-house R&D and validation centres, and around 700 employees. It lists certifications including IATF 16949, the quality standard automotive suppliers need, and ISO 13485 for medical devices.

Inc42 reported that Indigrid has scaled manufacturing capacity fivefold over two years and has secured land in Goa for a larger plant spread across three acres. The Goa expansion was flagged as early as the September 2025 round, when the company told Evertiq it planned to set up a new plant there.

The numbers the company disclosed

Indigrid is private, so these are management figures given to Inc42 in February 2026, not audited results:

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India’s financial year runs April to March, so FY26 ended on 31 March 2026. Narang told Inc42 the company expected to reach the ₹600 crore revenue level over the next two years.

Two things stand out. First, the margin targets are thin. That’s typical of contract manufacturing, where much of the revenue goes straight back out on components. Second, ₹40 crore is small next to a business doing ₹200 crore or more a year. Growth on that scale needs a lot of working capital, because a manufacturer pays for components months before customers pay for finished goods. That’s why the company listed working capital alongside capacity, R&D and possible acquisitions as uses of the money.

The policy tailwind

Indigrid is raising money as India pays manufacturers to make more electronic parts at home. The Electronics Component Manufacturing Scheme (ECMS) was notified on 8 April 2025 with an outlay of ₹22,919 crore (about $2.7 billion) over six years, according to the Press Information Bureau. In the same October 2025 backgrounder, the government said India’s electronics production grew from ₹1.9 lakh crore in 2014–15 to ₹11.3 lakh crore in 2024–25. (One lakh crore is one trillion rupees.)

By 30 March 2026, the government had approved 75 projects under ECMS with about ₹61,000 crore of investment and an expected 65,000 direct jobs, All India Radio News reported. We found no public record of Indigrid itself receiving ECMS approval, so treat the scheme as context, not as a benefit it’s confirmed to get.

Not to be confused with IndiGrid the InvIT

Searches for “IndiGrid” mostly return India Grid Trust, an infrastructure investment trust that owns power transmission lines and renewable assets. It is sponsored by KKR and listed on the NSE and BSE, according to Wikipedia. It has nothing to do with Indigrid Technology. If you’re looking for the listed trust’s units or results, this isn’t that company.

What has happened since February

As of 4 October 2026, we found no further funding round, acquisition or regulatory filing coverage for Indigrid Technology after the February 2026 announcement. We also found no public update on whether it hit its FY26 revenue range or started building the three-acre Goa plant. FY26 financial statements should appear in regulatory filings in the coming months. They’ll be the first independent check on the ₹200–250 crore projection, and we’ll update this page when they do.

Why it matters

Indigrid doesn’t sell a consumer brand. It sells the boards and controllers inside other companies’ products, a lower-margin, capital-hungry business. The pitch to investors is that a smaller company that also designs products (the ODM part) can earn better margins than pure assembly, while riding the China-plus-one shift and government component incentives.

The disclosed numbers are strong if they hold: about ₹108 crore of revenue in FY25, a projection to roughly double it in FY26, and a ₹600 crore order book. The risk is the usual one for manufacturers growing fast: working capital, customer concentration in automotive, and margins that leave little room for error. You can track similar rounds on our funding tracker, and hardware and embedded roles on our jobs board.

FAQ

How much did Indigrid Technology raise in its Series A?

It raised ₹40 crore in February 2026, closing an extended Series A at ₹75 crore together with $4 million from Cactus Partners in September 2025. Its website now cites a Series A total of ₹115 crore.

Who invested in Indigrid Technology?

Cactus Partners (described by the company as lead), Valour Capital (reported by Inc42 as lead of the ₹40 crore tranche), ITI Growth Opportunities Fund, Vimson Group and Global South Capital.

Who founded Indigrid Technology?

Sameer Narang and Rishab Puri.

What is Indigrid Technology’s revenue?

Co-founder Sameer Narang told Inc42 it was ₹108.5 crore in FY25 and expected to be ₹200–250 crore in FY26. These are company figures, not audited filings.

Is Indigrid Technology the same as IndiGrid InvIT?

No. IndiGrid (India Grid Trust) is a listed power transmission trust sponsored by KKR. Indigrid Technology is a private electronics manufacturer.

Sources

1. CXO Today, “Indigrid Technology Closes ₹75 Cr Series A to Scale Electronics Manufacturing”, 12 February 2026. Link
2. The Machine Maker, “Indigrid Technology Closes INR 75 Crore Series A to Accelerate Integrated Electronics Manufacturing”, February 2026. Link
3. Inc42, “Indigrid Raises ₹40 Cr To Scale Electronics Manufacturing”, 12 February 2026. Link
4. Entrepreneur India, “Indigrid Technology Secures INR 40 Cr in Fresh Funding”, 13 February 2026. Link
5. Evertiq, “Indian ESDM startup IndiGrid Technology raises $4 million”, 11 September 2025. Link
6. Indian Startup News, “EV component startup Indigrid Technology raises $5M from Cactus Partners”, 13 June 2024. Link
7. Indigrid Technology, company website, accessed 4 October 2026. Link
8. Press Information Bureau, “Driving India’s Electronics Future”, 27 October 2025. Link
9. All India Radio News, “75 projects worth Rs 61,000 cr approved under ECMS programme: Ashwini Vaishnaw”, 30 March 2026. Link
10. Wikipedia, “IndiGrid”, accessed 4 October 2026. Link

Featured image: Electronica and Productronica India 2025 in Bengaluru, a trade show for the country's electronics manufacturing industry. · Photo: Gpkp / Wikimedia Commons, CC BY-SA 4.0

How this article was made: researched and drafted with AI assistance by the 100xFounder editorial desk, using only the sources listed in it; every figure links to its source. Read our editorial policy, or report an error through our corrections policy.

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