Clean-tech startup Leanwatts has raised $2 million, around Rs 18 crore, in a seed funding round led by Trivest Partners, as it looks to strengthen its position in India’s growing electric vehicle charging market. Angel investors Abraham George and Alok Rungta also participated in the round.

Founded in 2023 by Abhilash Reddy, Pradeep Chowdary and Sujith Kumar, Leanwatts designs and manufactures power electronics products for electric vehicle original equipment manufacturers (OEMs). 

Its product range includes portable and onboard chargers with power ratings between 500W and 6.6kW, designed for electric two-wheelers, three-wheelers and tractors.

The fresh capital will speed up research and development, strengthen the company’s supply chain, increase localisation, and expand its manufacturing capabilities. Leanwatts currently operates a manufacturing facility in Hyderabad and has developed in-house capabilities covering hardware design, embedded firmware, software, product engineering and testing.

The company is also looking beyond its existing charger portfolio. It plans to enter areas such as public charging solutions, rectifiers, power modules, hybrid inverters and other power conversion applications. With these plans, Leanwatts is targeting an annualised revenue run-rate of nearly Rs 60 crore by March 2027.

The funding comes at a time when India’s EV charging infrastructure is expanding rapidly. As of December 2025, India had 29,151 EV charging stations, including 8,805 fast-charging stations, according to the report. Government support under the PM E-DRIVE scheme is also aimed at improving the country’s charging network.

Leanwatts is entering a competitive market that has recently attracted significant investor interest. EV charging players such as Zenergize, Statiq and IPEC have also raised fresh capital as demand for charging infrastructure and related power electronics grows.

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