Leanwatts raises $2 million seed round led by Trivest Partners

Leanwatts has raised approximately $2 million, or Rs 18.15 crore, in a seed funding round completed across two tranches. The round was led by Trivest Partners, with participation from angel investors Abraham George and Alok Rungta.

The capital gives the company room to strengthen its supply chain, increase localisation, expand manufacturing capabilities and scale its power electronics products.

Founded in October 2023 by Pradeep Chowdary, Sujith Kumar and Abhilash Reddy, Hyderabad-based Leanwatts develops and manufactures power electronics products. Its in-house capabilities span hardware design, embedded firmware and software, product engineering, validation, testing and quality.

The startup initially focused on EV charging and now offers portable and onboard chargers ranging from 500W to 6.6kW for electric two-wheelers, L2 and L5 vehicles, and e-tractors.

Leanwatts plans to expand into public charging solutions, rectifiers, power modules, hybrid inverters and other power conversion applications. It is also working with engineering institutions on industry-oriented R&D programmes.

The company is targeting an annualised revenue run-rate of around Rs 60 crore, or $6.25 million, by March 2027, driven by the expansion of its existing EV programmes and new applications.

Leanwatts competes with players such as Neenjas Electric, Dynolt and IPEC. The broader power electronics segment in India has attracted funding as startups build products across EV charging, power conversion, inverters and related applications.

Recent funding activity in the space includes Zenergize Technologies raising $4 million in a pre-Series A round, Enerzolve Smart Technologies raising $5.1 million and Dynolt Technologies raising $1.7 million in 2025.