Leanwatts, an Indian EV charger manufacturer, has raised $2 million in seed funding to accelerate development and expand manufacturing capabilities, aiming to support the country's growing electric vehicle infrastructure.
- Raised $2M seed funding led by Trivest Partners
- Focus on portable chargers for electric two, three-wheelers and tractors
- Targets nearly ₹60 Cr ARR by March 2027
What happened
Leanwatts, a clean tech startup based in India, announced a $2 million seed funding round led by Trivest Partners with additional investment from angel investors Abraham George and Alok Rungta. Founded in 2023, the company specializes in developing portable and onboard electric vehicle chargers ranging from 500W to 6.6kW, catering to electric two-wheelers, three-wheelers, and tractors. Leanwatts operates a manufacturing facility in Hyderabad and has developed in-house capabilities covering hardware design, embedded firmware, and product engineering.
The funding will be deployed to accelerate research and development, strengthen the supply chain by increasing localization, and ramp up manufacturing capacity. The company intends to build on its technological foundation to scale production of India-engineered power electronics and expand its product portfolio into areas such as public charging solutions, power modules, hybrid inverters, and other power conversion technologies.
Why it matters
India's electric vehicle market and charging infrastructure are expanding rapidly, with over 29,000 EV charging stations and nearly 9,000 fast chargers across the country as of late 2025. This growth is supported by government incentives like the PM E-DRIVE scheme aimed at boosting EV adoption and charging networks. Leanwatts' focus on portable chargers for multiple types of electric vehicles addresses a critical segment in the growing EV ecosystem by providing flexible and localized charging solutions.
The company’s progression also reflects increased investor interest in the Indian EV sector, as demonstrated by recent funding activities of other EV charger manufacturers such as Zenergize and Statiq. Leanwatts’ efforts to enhance R&D and scale manufacturing capabilities align with the broader industry push to reduce dependence on imports and cultivate domestic technology leadership in power electronics.
What to watch next
Leanwatts aims for an annualized revenue run-rate of nearly ₹60 crore by March 2027, signaling aggressive growth plans. Key developments to monitor include the startup’s success in expanding its product portfolio beyond portable chargers to public charging infrastructure and advanced power electronics components. Additionally, how effectively Leanwatts localizes its supply chain and manages scale-up challenges will be critical factors for its growth trajectory.
Investor appetite for Indian EV charging startups remains strong, so Leanwatts could potentially attract further funding rounds as the market matures. Observers should also watch government policy updates and EV market developments that influence demand for innovative, cost-effective charging solutions to support India’s rapid EV adoption goals.