Hyderabad-based clean-tech startup Leanwatts has raised $2 million—approximately ₹18 crore—in a seed funding round led by Trivest Partners. Angel investors Abraham George and Alok Rungta also participated in the round. The announcement that Leanwatts Portable EV Chargers Secure $2M signals rising investor interest in India’s EV charging and power-electronics industry.
The company will use the capital to accelerate research and development, strengthen its supply chain, increase localization, and expand manufacturing capacity.
Leanwatts funding: Key details at a glance
- Funding raised: $2 million, or approximately ₹18 crore
- Funding stage: Seed round
- Lead investor: Trivest Partners
- Angel investors: Abraham George and Alok Rungta
- Headquarters: Hyderabad
- Founded: 2023
- Core products: Portable and onboard EV chargers
- Charger capacity: 500W to 6.6kW
- Revenue target: Nearly ₹60 crore ARR by March 2027
How Leanwatts will utilize the fresh capital
Leanwatts intends to direct the seed capital towards four major areas: product development, laboratory infrastructure, supply-chain resilience, and manufacturing expansion.
The company plans to invest further in R&D and testing facilities to develop efficient, durable, and cost-effective power-electronics products suited to Indian operating conditions. It will also work on increasing the localization of components to reduce supply chain risks and improve production scalability.
Leanwatts cofounder Abhilash Reddy said the funding would help the company strengthen its supply chain, improve localization, and develop the manufacturing capabilities required to scale India-engineered power electronics reliably.
What does Leanwatts manufacture?
Founded in 2023, Leanwatts designs and manufactures power-electronics products for electric vehicle manufacturers. Its current portfolio includes weather-resistant portable chargers and onboard chargers with power ratings ranging from 500W to 6.6kW.
These products are designed for multiple electric mobility categories, including
- Electric two-wheelers
- L2 and L5 electric three-wheelers
- Electric tractors
- Commercial and heavy-duty electric vehicles
- Other specialized electric mobility platforms
The company claims to have developed in-house expertise in hardware design, embedded firmware, software, product engineering, and testing. It also operates a manufacturing facility in Hyderabad.
Who founded Leanwatts?
Leanwatts was established by Pradeep Chowdary, Abhilash Reddy, and Sujith Kumar.
Chowdary and Reddy are BITS Pilani alumni, while Kumar is an alumnus of NIT Surathkal and IIM Udaipur. The founders are building the company around locally engineered power-electronics systems developed for India’s cost, climate, infrastructure and operational requirements.
Cofounder Pradeep Chowdary said Leanwatts is investing in laboratories, engineering talent, and industrialization capabilities. Its long-term strategy includes developing efficient architectures, advanced materials, and cost-effective designs capable of creating sustainable technological advantages.
EV manufacturers working with Leanwatts
Leanwatts reportedly works with several companies operating across India’s electric mobility ecosystem. Its clients and collaborators include:
- Ultraviolette
- Baxy Mobility
- Clean Electric
- Ruchira Green
- Moonrider
These collaborations give Leanwatts exposure to electric motorcycles, three-wheelers, battery systems, commercial mobility, and electric agricultural vehicles.
Expansion beyond portable EV chargers
Following the funding round, Leanwatts plans to expand beyond its existing portable and onboard charger portfolio. Its future product roadmap includes:
- Public EV charging hardware
- Rectifiers
- Power modules
- Hybrid solar inverters
- Wider power-conversion applications
The development of public charging solutions could allow Leanwatts to participate in both vehicle-side and infrastructure-side opportunities within India’s expanding EV ecosystem.
Leanwatts targets ₹60 crore ARR by March 2027.
Leanwatts is targeting an annualized revenue run rate of nearly ₹60 crore by March 2027. Achieving this goal will depend on manufacturing scale, product diversification, localization, and the adoption of its charging systems by electric vehicle manufacturers.
The fact that Leanwatts Portable EV Chargers secured $2M is strategically important because the investment arrives as domestic EV companies increasingly seek locally engineered components, shorter supply chains, and products designed specifically for Indian conditions.
India’s charging infrastructure is expanding.
Leanwatts’ fundraising comes amid the rapid development of India’s electric vehicle charging ecosystem. As of December 2025, India reportedly had 29,151 EV charging stations, including 8,805 fast-charging stations.
The Central government is also supporting the expansion of EV charging infrastructure through incentives and funding provisions under the PM E-DRIVE scheme. These measures are expected to improve charging availability and encourage the adoption of electric two-wheelers, three-wheelers, cars, buses, and commercial vehicles.
Growing EV penetration is simultaneously creating demand for portable chargers, onboard charging systems, fast-charging hardware, power modules, and other power-conversion technologies.
Investor interest in EV charging startups grows.
Leanwatts is not the only EV charging company attracting investment. Several startups in the segment have recently secured capital to develop products and expand their operations.
Zenergize raised $4 million in a Pre-Series A round led by Giraffe Studios. EV charging company Statiq secured $18 million through a combination of equity and debt in a funding round led by Tenacity Ventures. IPEC also previously raised $3 million from Gruhas.
These investments highlight the growing commercial opportunity around charging hardware, charging networks, and locally manufactured EV components.
Why this funding matters for India’s EV industry
India’s transition to electric mobility requires more than vehicle manufacturing. It also depends on a reliable domestic ecosystem for chargers, power modules, batteries, semiconductors, and embedded systems.
By developing chargers and power-electronics products locally, Leanwatts could help EV manufacturers reduce their dependence on imported systems while obtaining products tailored to Indian voltage conditions, weather patterns, vehicle categories, and price expectations.
The news that Leanwatts Portable EV Chargers Secure $2M also demonstrates that investors are looking beyond vehicle brands and backing companies that manufacture critical technologies supporting the broader EV value chain.
What lies ahead for Leanwatts?
Leanwatts will now focus on converting its new capital into stronger engineering capabilities, greater production capacity, and a broader product portfolio. Its planned entry into public charging, rectifiers, power modules, and hybrid inverters could also open opportunities outside its existing EV charger business.
Ultimately, the announcement that Leanwatts Portable EV Chargers Secure $2M gives the Hyderabad startup additional resources to pursue its ₹60 crore ARR target and establish itself as a competitive Indian power-electronics manufacturer. Its progress will depend on product reliability, localisation, manufacturing execution, and its ability to secure more EV OEM partnerships.
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