Nikhil Kamath's Gruhas invests $3 million in EV charging player IPEC

Bengaluru-based IPEC, a startup operating in the EV charging space, has raised $3 million in funding from Nikhil Kamath and Abhijeet Pai's Gruhas.

The startup claims to have delivered over 1 million EV charging products to the top EV OEMs in India. It is now gearing up to expand its manufacturing capacities to 50,000 units per month.

IPEC's offerings

Founded in 2017, IPEC offers a range of EV charging products that include private, portable, and public chargers as well as EV Connectors and Vehicle Charging Inlets. The startup said that these products are fully compliant with various national and international standards and the latest localisation regulations, including the PM E-Drive and PLI Scheme. 

Beyond hardware, it also offers Cloud-based Charging Management Systems (CMS) and a user-friendly mobile app for real-time control and insights. IPEC is an approved supplier to leading EV OEMs like Ather Energy, Bajaj Auto, Greaves (Ampere), and more.

IPEC is a joint venture between MEHER Group, Deki Electronics and Sungho Electronics.

Reducing India's reliance on imports

CEO Zohra Khan remarked, "Traditionally, India's reliance on imports for power electronics has been high. At IPEC, we are changing that by designing and manufacturing power electronic products in India, for India and the world. This investment by Gruhas shall further propel our contributions to the 'Make In India' mission and enhance India's EV ecosystem."

Khan claimed that the company has witnessed a 40% growth in revenue in FY25 and anticipates doubling its revenue in FY26. 

"The investment also enables IPEC to expand our avenues and capabilities to launch IPEC into global markets. We are excited to have Gruhas as part of the team and look forward to a great journey ahead," Khan added.

Abhijeet Pai, Co-Founder of Gruhas, adds, "IPEC is fast emerging as a changemaker in India’s EV charging ecosystem. As the country accelerates toward an electric future, reliable and scalable charging infrastructure built on quality components, sub-assemblies, and smart chargers becomes mission-critical. Together, Zohra and IPEC have led the way in this space. By already serving four of India’s top OEMs, they’ve set benchmarks in manufacturing chargers, especially for the two-wheeler segment. Their deep ecosystem understanding and technical capabilities position them to expand beyond two-wheelers into broader applications."