Leanwatts Raises USD 2 Million Seed Funding to Scale Power Electronics Manufacturing

Power electronics startup Leanwatts has raised approximately USD 2 million (INR 18.15 crore) in seed funding across two tranches, led by Trivest Partners, with participation from angel investors Abraham George and Alok Rungta. The investor group brings together seasoned investment professionals and alumni from institutions including IIT Kanpur and IIM Ahmedabad.

Founded in October 2023, Leanwatts is led by Pradeep Chowdary and Abhilash Reddy, alumni of BITS Pilani, and Sujith Kumar, an alumnus of NIT Surathkal and IIM Udaipur. The founding team brings together complementary strengths across product engineering, market access, manufacturing execution, sourcing depth and commercial discipline.

From its manufacturing facility in Hyderabad, Leanwatts develops and manufactures power electronics products with in-house capabilities across hardware design, embedded firmware and software, product engineering, validation, testing and quality.
The company started with EV charging and currently offers high-efficiency, high-power-density portable and onboard chargers ranging from 500W to 6.6kW, serving electric two-wheelers, L2 and L5 vehicles and e-tractors. It is expanding its technology platforms into public charging solutions, rectifiers, power modules, hybrid inverters and broader power conversion applications for the energy ecosystem.

Sujith Kumar, Co-Founder, Leanwatts, said, “India’s EV and energy transition creates an opportunity to build globally competitive power electronics companies from here. But products for India have to be engineered around Indian realities our grid conditions, operating environments and the diverse requirements of OEMs. We believe deep engineering and a customer-first approach have to go together.”

Leanwatts is also collaborating with engineering institutions on industry-oriented R&D programmes, aimed at strengthening specialised engineering capacity and contributing to the development of India’s power electronics ecosystem.

Pradeep Chowdary, Co-Founder, Leanwatts, said, “For India to lead in power electronics, R&D cannot be treated as a one-time project, or simply as a department; it has to be continuously nurtured as a culture. At Leanwatts, we are investing in our laboratories, engineers and ability to industrialise efficient architectures, cost-effective designs, advanced materials and emerging technologies, with the objective of building technological capability that compounds over the long term.”

Abhilash Reddy, Co-Founder, Leanwatts, added, “As we scale, our focus is on strengthening our supply chain, increasing localisation and continuing to invest in manufacturing capability. The new capital will allow us to accelerate this journey and build the capabilities required to reliably scale India-engineered power electronics.”

Leanwatts is targeting an annualised revenue run-rate of approximately INR 60 crore (USD 6.25 million) by March 2027, driven by the scale-up of existing EV programmes and expansion into new power electronics applications.