Power Electronics Startup Leanwatts Raises $2 Million Seed Round Led by Trivest Partners
Hyderabad-based power electronics startup Leanwatts has raised approximately $2 million, around Rs 18.15 crore, in a seed funding round spread across two tranches, led by Trivest Partners, with participation from angel investors Abraham George and Alok Rungta.
Here's what Leanwatts actually builds. Founded in October 2023 by Pradeep Chowdary, Sujith Kumar and Abhilash Reddy, the startup designs and manufactures power electronics products entirely in-house, spanning hardware design, embedded firmware and software, product engineering, validation, testing and quality, all from its Hyderabad manufacturing facility. It started out focused on EV charging and now offers portable and onboard chargers ranging from 500W to 6.6kW, serving electric two-wheelers, L2 and L5 vehicles, and even e-tractors.
The fresh capital has a clear, unglamorous but important purpose. Leanwatts plans to strengthen its supply chain, deepen localisation, expand manufacturing capacity, and scale its broader power electronics portfolio, exactly the kind of unsexy infrastructure work that India's EV ecosystem actually depends on. Looking ahead, the company plans to expand into public charging solutions, rectifiers, power modules, hybrid inverters and other power conversion applications, while also partnering with engineering institutions on industry-oriented R&D programmes.
The growth target is concrete. Leanwatts is aiming for an annualised revenue run-rate of around Rs 60 crore, about $6.25 million, by March 2027, driven by scaling its existing EV programmes and launching newer power electronics applications.
The bigger picture matters here. India's power electronics segment has been quietly attracting serious investor interest, Zenergize Technologies recently raised $4 million in a pre-Series A round, Enerzolve Smart Technologies raised $5.1 million, and Dynolt Technologies raised $1.7 million in 2025. Leanwatts now competes in that same space alongside players like Neenjas Electric, Dynolt and IPEC, as India's EV and renewable energy transition keeps creating room for genuinely deep-tech, manufacturing-first startups.
From EV chargers to a full power electronics stack, Leanwatts is betting that India's energy transition needs homegrown hardware, not just software layered on top of imported components.
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— Sandeep Raiza