Power electronics startup Leanwatts has raised $2 million, approximately ₹18.15 crore, in seed funding, giving the company fresh capital as it expands its engineering, manufacturing and product capabilities in India.

The funding was raised in two tranches and was led by Trivest Partners, with angel investors Abraham George and Alok Rungta also participating.

The round comes as Leanwatts moves from a business initially centred on electric vehicle charging towards a broader power electronics portfolio. At its Hyderabad facility, the startup handles hardware design, embedded firmware and software, product engineering, validation, testing and quality capabilities in-house.

From EV chargers to a broader power electronics portfolio

Leanwatts began operations with EV charging products. Its current range includes high-efficiency, high-power-density portable and onboard chargers rated from 500W to 6.6kW.

These products serve electric two-wheelers, L2 and L5 vehicles, as well as e-tractors. The company is now extending its technology platforms into public charging solutions, rectifiers, power modules, hybrid inverters and other power conversion applications for the energy sector.

That expansion gives the funding round a broader significance than simply adding capital to an EV charging startup. Leanwatts is building around multiple power electronics applications while continuing to scale programmes already underway in the electric vehicle segment.

Co-founder Sujith Kumar said the company sees India’s EV and energy transition as an opportunity to create globally competitive power electronics businesses, but stressed that products developed for the domestic market need to account for Indian grid conditions, operating environments and the varied requirements of OEMs.

His comments also underline Leanwatts’ approach to product development, combining deeper engineering work with customer-specific requirements rather than treating the Indian market as a uniform operating environment.

Engineering capacity becomes a key focus

Beyond product expansion, Leanwatts is working with engineering institutions on industry-oriented research and development programmes. The effort is aimed at strengthening specialised engineering capabilities and contributing to the wider power electronics ecosystem in India.

Co-founder Pradeep Chowdary said the startup is investing in laboratories, engineers and its ability to industrialise efficient architectures, cost-effective designs, advanced materials and emerging technologies.

The stated objective is to create technological capability that can build over the long term, rather than limiting investment to near-term product output.

Manufacturing and sourcing are also part of the next phase.

Co-founder Abhilash Reddy said Leanwatts plans to strengthen its supply chain, increase localisation and continue investing in manufacturing capability as the business scales.

Taken together, the company’s stated priorities put engineering, localisation, manufacturing and product expansion at the centre of its post-funding plans.

Leanwatts targets ₹60 crore annualised revenue run-rate by March 2027

Leanwatts has also attached a clear business target to its next stage of growth.

The startup is aiming for an annualised revenue run-rate of approximately ₹60 crore, or $6.25 million, by March 2027. It expects the target to be supported by the scaling of existing EV programmes along with its entry into additional power electronics applications.

The target brings the company’s expansion plans into sharper focus. Its existing EV charger business remains part of the growth strategy, but Leanwatts is simultaneously widening the number of applications its engineering and manufacturing platform can address.

For the Hyderabad-based startup, the $2 million seed round therefore marks more than a financing milestone. The capital arrives at a point when Leanwatts is trying to turn its existing charger platform into a wider power electronics business, while building the laboratories, engineering capacity, local supply chain and manufacturing base needed to support that shift.

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