The startup plans to utilise the fresh capital to accelerate R&D, strengthen its supply chain and ramp up manufacturing capabilities
Buoyed by the fundraise, Leanwatts is banking on India’s EV transition and a tailored approach to build a competitive power electronics business, engineered around local realities
Going forward, Leanwatts plans to expand into new areas including public charging solutions, rectifiers and power modules. It is targeting an ARR of ₹60 Cr by March 2027
Clean tech startup Leanwatts, which manufactures EV chargers, has raised $2 Mn (around ₹18 Cr) in its seed funding round led by Trivest Partners. The round also saw participation from angel investors Abraham George and Alok Rungta.
The startup plans to utilise the fresh capital to accelerate research and development (R&D), strengthen its supply chain and ramp up manufacturing capabilities.
“As we scale, our focus is on strengthening our supply chain, increasing localisation and continuing to invest in manufacturing capability. The new capital will allow us to accelerate this journey and build the capabilities required to reliably scale India-engineered power electronics,” said Leanwatts cofounder Abhilash Reddy.
Founded in 2023 by Reddy, Pradeep Chowdary and Sujith Kumar, Leanwatts designs and manufactures power electronics products for EV OEMs. Its product portfolio includes portable and onboard chargers, ranging from 500W to 6.6kW, which cater to electric two-wheelers, three-wheelers and tractors.
It claims to have developed in-house capabilities across hardware design, embedded firmware and software, product engineering and testing. The startup also operates a manufacturing facility in Hyderabad.
Going forward, Leanwatts plans to expand into new areas including public charging solutions, rectifiers, power modules, hybrid inverters and other power conversion applications. On the back of this, the startup is targeting an annualised revenue run-rate (ARR) of nearly ₹60 Cr by March 2027.
“… At Leanwatts, we are investing in our laboratories, engineers and ability to industrialise efficient architectures, cost-effective designs, advanced materials and emerging technologies, with the objective of building technological capability that compounds over the long term,” added cofounder Chowdary.
The fundraise comes amid the rapid build-out of India’s charging ecosystem. As of December 2025, the country was home to 29,151 EV charging stations, including 8,805 fast-charging stations. To fuel this, the Centre has rolled out a slew of sops under the PM E-DRIVE scheme to improve the EV charging network.
As a result, investors are slowly making a beeline for the space. Earlier this week, Zenergize, which also manufactures chargers for EVs, raised $4 Mn in its Pre-Series A funding round led by Giraffe Studios.
In February, EV charger manufacturer Statiq also secured $18 Mn, via a mix of equity and debt funding, in a round led by Tenacity Ventures. Last year, IPEC also bagged $3 Mn in a funding round from Gruhas.
