Hyderabad, September 4, 2026: Hyderabad-based power electronics startup Leanwatts has raised approximately $2 million (₹18.15 crore) in a seed funding round led by Trivest Partners, with participation from angel investors Abraham George and Alok Rungta. The funding, raised across two tranches, will be used to strengthen the startup’s supply chain, increase localisation, expand manufacturing capabilities and scale its portfolio of power electronics products. Founded in October 2023 by Pradeep Chowdary, Sujith Kumar and Abhilash Reddy, Leanwatts develops and manufactures power electronics solutions with in-house capabilities spanning hardware design, embedded firmware and software, product engineering, validation, testing and quality.
From EV Chargers to Broader Power Conversion
Leanwatts initially focused on the electric vehicle charging segment and has since expanded its product portfolio to include portable and onboard chargers ranging from 500W to 6.6kW. Its products are designed for applications across electric two-wheelers, L2 and L5 vehicles, as well as electric tractors. With the latest capital infusion, the startup plans to expand beyond its existing EV charging portfolio into public charging solutions, rectifiers, power modules, hybrid inverters and other power conversion applications. The company is also working with engineering institutions on industry-focused research and development programmes as it looks to strengthen its product development capabilities.
Leanwatts Targets ₹60 Crore Revenue Run-Rate
The startup is targeting an annualised revenue run-rate of approximately ₹60 crore ($6.25 million) by March 2027. Leanwatts expects growth to be driven by the expansion of its existing electric vehicle programmes as well as the launch of products for newer power electronics applications. The fresh capital is expected to support this expansion by enabling the company to localise more of its supply chain and build greater manufacturing capacity.
India’s Power Electronics Opportunity
Leanwatts’ fundraise comes as India’s power electronics ecosystem attracts increasing investor interest, particularly across electric mobility, EV charging infrastructure, power conversion, inverters and related technologies. The sector is gaining importance as the adoption of electric vehicles and renewable energy systems increases, creating demand for efficient charging and power-conversion technologies. Several startups in the segment have raised capital in recent years. Zenergize Technologies recently secured $4 million in a pre-Series A round, while Enerzolve Smart Technologies raised $5.1 million. Dynolt Technologies had raised $1.7 million in 2025. Leanwatts operates in a competitive market alongside companies such as Neenjas Electric, Dynolt and IPEC, with the startup seeking to differentiate itself through vertically integrated product development and manufacturing capabilities.
Building an Integrated Power Electronics Platform
With its latest funding, Leanwatts is looking to move beyond being an EV-focused charger manufacturer and build a broader portfolio of power electronics products. The company’s in-house capabilities across hardware, firmware, software, engineering, testing and validation are expected to support its expansion into multiple power conversion applications. As India continues to invest in electric mobility and energy infrastructure, Leanwatts is positioning itself to capture a share of the growing demand for locally developed and manufactured power electronics solutions.
