Indigrid Technology, an electronics systems design and manufacturing (ESDM) startup, has raised $4 million (₹35.2 crore) in a follow-on round from existing backer Cactus Partners, taking its post-money valuation to around ₹600 crore. This comes over a year after Cactus had led Indigrid’s $5 million Series A round in June 2024.
Founded by Sameer Narang and Rishab Puri, the Gurugram-based company has primarily catered to the automotive sector but has recently diversified into consumer electronics and large appliances.
The fresh funds will be used to establish a new facility in Goa, expand manufacturing capacity, and accelerate R&D in power electronics and related products. Indigrid Technology also plans to enhance automation, scale up hiring, and strengthen its footprint in India and global markets.
Since its launch in 2016, Indigrid has evolved from producing EV components such as motor controllers and vehicle control units to developing complete powertrain systems for two-wheelers. Its clientele includes leading Tier I suppliers like Motherson, Hella, and JP Minda, as well as OEMs such as JCB and Kinetic. In the consumer space, it works with IFB, Rosenberger, Sensetek, Sandhar, and Revolt.
Looking ahead, the startup expects to generate ₹350–380 crore in revenue by FY26, with EBITDA margins improving from high single digits to double digits.
