Leanwatts Raises ₹18.15 Crore in Seed Funding Led by Trivest Partners

Hyderabad-based power electronics startup Leanwatts has raised approximately ₹18.15 crore ($2 million) in a seed funding round across two tranches, led by Trivest Partners. Angel investors Abraham George and Alok Rungta also participated in the round.

The company plans to use the fresh capital to expand its manufacturing capacity, strengthen research and development, build advanced testing and validation infrastructure, increase component localisation and accelerate the development of new power conversion platforms.

Founded in October 2023 by Pradeep Chowdary, Abhilash Reddy and Sujith Kumar, Leanwatts develops and manufactures power electronics products for electric mobility and energy applications. The company has built in-house capabilities across hardware design, embedded firmware and software, product engineering, testing and validation, manufacturing and quality.

Pradeep Chowdary and Abhilash Reddy are BITS Pilani alumni, while Sujith Kumar is an alumnus of NIT Surathkal and IIM Udaipur. Kumar joined the company as a cofounder focused on growth and marketing after the initial founding team had spent nearly two years on research and development and supply-chain development for its EV charging products.

Leanwatts entered the market with EV charging as its first commercial platform. Its current portfolio includes portable and onboard chargers ranging from 500W to 6.6kW, serving applications across electric two-wheelers, L2 and L5 vehicles and e-tractors.

The company is working with several EV original equipment manufacturers and ecosystem companies, including Ultraviolette, Baxy Mobility, Clean Electric, Ruchira Green and Moonrider. Leanwatts said multiple programmes are progressing from validation towards recurring production, indicating a shift from product development and testing towards larger-scale commercial deployment.

Beyond EV chargers, Leanwatts is expanding its product roadmap to include public charging solutions, rectifiers, power modules, hybrid inverters and other power conversion systems for the energy sector.

The company is also building its engineering, manufacturing and testing capabilities in Hyderabad. Its approach is focused on designing products for operating conditions specific to India, including variations in grid conditions, high ambient temperatures, dust, humidity and different vehicle duty cycles.

The startup is targeting an annualised revenue run-rate of approximately ₹60 crore by March 2027. The target is expected to be driven by the scale-up of its existing EV programmes as they move into recurring production, along with the company’s expansion into additional power electronics applications.

Commenting on the fundraise, Leanwatts cofounder Abhilash Reddy said the company would use the capital to strengthen its supply chain, increase localisation and continue investing in manufacturing capabilities needed to scale India-engineered power electronics.