Electronics systems design and manufacturing startup IndiGrid raises $4 million in funding

Indigrid Technology, an electronics systems design and manufacturing (ESDM) startup, has raised $4 million (Rs 35.2 crore) in a follow-on funding round from existing investor Cactus Partners, valuing the startup at about Rs 600 crore post-money.

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The fresh infusion comes more than a year after Cactus led Indigrid’s $5 million Series A funding round in June 2024.

Founded by Sameer Narang and Rishab Puri, the Gurugram-based startup has traditionally supplied automotive components but has recently diversified into consumer electronics and large appliances.

Indigrid plans to use the new capital to set up a facility in Goa, expand production capacity, and accelerate research and development of power electronics and other products. It also intends to enhance automation, ramp up hiring, and broaden its presence in India and overseas.

Since its inception in 2016, the company has expanded from making components for electric vehicles, such as motor controllers and vehicle control unit, to building powertrain systems for two-wheelers. Its customers include Tier I automotive suppliers like Motherson, Hella, and JP Minda, as well as OEMs such as JCB and Kinetic. In the consumer segment, it works with companies including IFB, Rosenberger, Sensetek, Sandhar, and Revolt.

The startup projects revenue of Rs 350-380 crore in fiscal year 2026, with EBITDA margins expected to rise from high single digits into double digits.