Leanwatts, a Hyderabad-based power electronics startup, has raised approximately $2 million (around ₹18.15 crore) in seed funding across two tranches, led by Trivest Partners, with participation from angel investors Abraham George and Alok Rungta, the company announced on September 3, 2026.
Founded in October 2023 by Pradeep Chowdary, Abhilash Reddy and Sujith Kumar — alumni of BITS Pilani and NIT — Leanwatts designs and manufactures power electronics products from its Hyderabad facility, handling hardware design, embedded firmware and software, product engineering, validation, testing and quality control entirely in-house.
The startup began with a focus on electric vehicle charging and currently offers high-efficiency, high-power-density portable and onboard chargers ranging from 500W to 6.6kW, serving electric two-wheelers, L2 and L5 vehicles, and e-tractors, with existing customers including Ultraviolette, Baxy Mobility and Clean Electric.
"India's EV and energy transition creates an opportunity to build globally competitive power electronics companies from here," said Sujith Kumar, co-founder of Leanwatts. "But products for India have to be engineered around Indian realities — our grid conditions, operating environments and the diverse requirements of OEMs. We believe deep engineering and a customer-first approach have to go together."
That engineering-first philosophy reflects a practical reality of India's EV charging market: an e-rickshaw may run for long hours each day, an electric scooter may need to charge where grid voltage is unstable, and an e-tractor must function reliably in dusty farm conditions. A charger designed only for controlled laboratory conditions can struggle to survive this kind of real-world use over time, which Leanwatts has built its product and testing philosophy around addressing directly.
"As we scale, our focus is on strengthening our supply chain, increasing localisation and continuing to invest in manufacturing capability," said co-founder Abhilash Reddy. "The new capital will allow us to accelerate this journey and build the capabilities required to reliably scale India-engineered power electronics." Co-founder Pradeep Chowdary added that the company is investing in its laboratories, engineers and ability to industrialize efficient architectures, cost-effective designs and advanced materials, with the aim of building technological capability that compounds over the long term.
The new capital will be used to support research and development, strengthen Leanwatts' supply chain, increase localization of components, and expand manufacturing capacity, as the company works to broaden its product range beyond EV charging into public charging infrastructure, rectifiers, power modules and hybrid inverters — applications that extend its core power electronics platform into broader energy and industrial markets.
Leanwatts is targeting an annualized revenue run-rate of approximately ₹60 crore (roughly $6.25 million, or $7.2 million by some estimates) by March 2027, a target it expects to reach through the expansion of its existing EV charging programmes alongside entry into these additional power electronics applications.
The round comes amid a broader build-out of India's EV charging ecosystem, which counted 29,151 charging stations, including 8,805 fast-charging stations, as of December 2025, supported by government incentives under the PM E-DRIVE scheme. Investor interest in the space has picked up correspondingly — in the same week as Leanwatts' raise, fellow EV charger manufacturer Zenergize Technologies raised $4 million in a Pre-Series A round led by Giraffe Studios, underscoring growing capital flows into India's charging infrastructure and broader power electronics supply chain.
