Indigrid Technology Secures USD 4 Mn for Expansion Plans The fresh capital will be utilised for setting up a new facility in Goa and expanding the production capacity of power electronics for large appliances.
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Electronics systems design and manufacturing company Indigrid Technology has raised USD 4 million (around INR 35.2 crore) in a follow-on round from Cactus Partners. The funding comes at a post-money valuation of around INR 600 crore.
The fresh capital will be utilised for setting up a new facility in Goa and expanding the production capacity of power electronics for large appliances, according to the official release.
This round follows the USD 5 million investment led by Cactus Partners in June last year. Since then, the Gurugram-based startup has expanded its focus from automotive component suppliers to consumer electronics. The new funds will support further diversification into consumer goods, research and development of new products, and international market expansion.
Indigrid Technology was founded in 2016 by Rishab Puri and Sameer Narang. The company's offerings include electric vehicle powertrain products and electronic design and manufacturing services tailored for the EV and sustainable technology sectors. Initially, it produced electrical components for electric vehicles before moving into motor and vehicle control units for two-wheelers.
The company currently operates two plants in Manesar, near Gurugram, and has added the Goa unit to meet increasing demand.
Indigrid said that it has traditionally worked with tier I automotive suppliers such as Motherson and Hella but now collaborates directly with original equipment manufacturers like JCB and Kinetic. Its customer portfolio also includes JP Minda, Rosenberger, Sensetek, Sandhar, IFB, and Revolt.
According to Narang, the company witnessed a revenue jump of three to three and a half times in FY25 compared to INR 70 crore in FY24.
Indigrid Technology faces competition from Dixon Technologies, Syrma SGS, Avalon Technologies, and Kaynes Technology in the electronic systems design and manufacturing sector.
