Funding · Enterprise Software & IT

Indigrid raises ₹40 Cr Series A for expansion

By Startup Enthusiast · 12 February 2026

What they do

Indigrid Technology manufactures electronic components for automotive and consumer appliance sectors

The company raised ₹40 Cr in a Series A round led by Valour Capital with other participants

Funds support capacity expansion and Goa plant setup amid strong government electronics incentives

Indigrid Technology has raised ₹40 Cr in a Series A funding round led by Valour Capital.
Valour Capital led the investment with participation from ITI Growth Opportunities Fund, Vimson Group, and Global South Capital.
This follows a previous raise of ₹35.2 Cr from Cactus Partners last year.
The company plans to use funds for capacity expansion, R&D, working capital, and acquisitions.
Indigrid aims to establish a third manufacturing unit in Goa on three acres of land.
Revenue is forecast to grow from ₹108.5 Cr in FY25 to ₹200-250 Cr in FY26.
The order book stands at around ₹600 Cr for FY27.
The company targets an EBITDA margin of 7.5% in FY26 and 10-10.5% at steady state.

Government policy supports growth through increased ECMS outlay to ₹40,000 Cr.
ECMS incentives include up to 25% capex subsidy and revenue-linked benefits.
Domestic electronics output grew to ₹11.3 Lakh Cr in FY25.
Indigrid benefits from proximity to ports and local supplier ecosystems in Goa.

Indigrid manufactures motor controllers, DC-DC converters, and regulator rectifiers for the automotive sector.
Key auto clients include Maruti Suzuki, Toyota, and Hero MotoCorp.
The company produces control systems for ACs, washing machines, and kitchen appliances.
Appliance clients include IFB and various tier II and III brands.
Battery pack assembly uses cells sourced from Japan’s Murata.
Battery applications serve fleet operators, EVs, drones, and stationary storage.
ODM revenue currently contributes about 10% and targets 20-25% in coming years.
The company operates facilities in Gurugram and is expanding to Goa.
Manufacturing capacity has grown fivefold over the last two years.

Product: In-house designed and manufactured electronics components and systems.
Customers: OEMs and industrial buyers needing electronics components.
How it makes money: B2B contract manufacturing and design-led electronics supply.
What sets it apart: In-house design and manufacturing capabilities across multiple facilities.
Operations: Operates a Gurugram facility and a newly opened Goa unit.