IndiGrid raises $4 Mn led by Cactus Venture Partners

Electronics systems design and manufacturing startup IndiGrid Technology has raised $4 million (about Rs 35.2 crore) as part of a strategic funding round from existing investor Cactus Partners.

The Gurugram-based company had previously raised $7.72 million from Cactus Venture Partners.

The proceeds will be allocated towards expanding production capacity and offerings, enhancing automation, ramping up hiring and broadening presence both in India and other global markets, IndiGrid Technology said in a press release.

Co-founded in 2015 by Sameer Narang and Rishab Puri,  Indigrid Technology is a full stack electronics component manufacturer with in-house design and manufacturing capabilities. The electronics system design and manufacturing (ESDM) startup makes battery packs, motor controllers, vehicle control units, components for EV drivetrains, among others. 

“Having matured in the automotive industry, we have diversified to increase our product portfolio by acting on the evidently growing market traction in the consumer goods sector where we began acquiring some key clients,” said Sameer Narang, co-founder of IndiGrid Technology.

The latest round comes more than a year after Cactus Partners led Indigrid’s $5 million Series A round in June 2024. Since then, the company has diversified into consumer electronics and now also caters to companies like Hella, Rosenberger, Sensetek, Sandhar, IFB, Revolt, among others. 

Indigrid reported a revenue of Rs 108.5 crore in the fiscal year 2024-25 (FY25) and it is targeting a top line of Rs 350 crore to Rs 380 crore in FY26. It claims to operate at high single-digit EBITDA margin and projects to clock double-digit EBITDA margin growth in the next couple of years.