Leanwatts Raises $2 Million to Expand EV Power Electronics

Leanwatts Raises Approximately $2 Million in Seed Funding

Hyderabad-based Leanwatts has raised approximately $2 million (₹18.15 crore) in seed funding across two tranches, led by Trivest Partners with participation from angel investors including Abraham George and Alok Rungta. The capital will support the company's manufacturing expansion and product development for electric mobility and energy applications. Founded in October 2023 by Pradeep Chowdary, Abhilash Reddy and Sujith Kumar, Leanwatts designs and manufactures power electronics systems and is working with multiple EV OEMs and ecosystem companies, including Ultraviolette, Baxy Mobility, Clean Electric, Ruchira Green and Moonrider.

EV Portfolio and Integrated Engineering Capabilities

Leanwatts currently offers portable and onboard chargers ranging from 500W to 6.6kW, serving electric two-wheelers, L2 and L5 vehicles, e-tractors and other emerging EV applications. The company is building integrated engineering and manufacturing capabilities in Hyderabad covering power electronics hardware, embedded firmware, software, product validation, testing, manufacturing and quality systems. This integrated approach allows Leanwatts to engineer and customize products around OEM requirements while developing systems suited to Indian operating conditions, including grid variation, high ambient temperatures, dust, humidity and demanding vehicle duty cycles.

Product Roadmap and Manufacturing Expansion

Beyond portable and onboard EV chargers, the company's roadmap includes public charging solutions, rectifiers, power modules and power conversion platforms for broader energy applications. The newly raised capital will be deployed toward expanding manufacturing capacity, strengthening research and development and testing infrastructure, and accelerating the development of new power electronics platforms. By combining product engineering, validation, manufacturing and quality capabilities within its Hyderabad operations, Leanwatts aims to increase its ability to customize products for different OEM requirements and support the growing needs of electric mobility and energy markets.

Revenue Target and Global Market Ambition

Leanwatts is targeting an annualized revenue run-rate of approximately ₹60 crore ($6.25 million) by March 2027, supported by the scale-up of existing EV programs and expansion into new power electronics applications. The company aims to develop an India-engineered power electronics portfolio capable of serving domestic OEMs as well as global mobility and energy markets. Its strategy combines expanded manufacturing capacity with stronger R&D, testing infrastructure and a broader product roadmap, positioning the business to address additional applications as demand for electrification and power conversion technologies develops in India and international markets.

Frequently Asked Questions

What will Leanwatts use its new funding for?
The funding will primarily support manufacturing expansion, R&D, testing infrastructure and development of new power electronics platforms for electric mobility and energy applications. Leanwatts plans to expand its production capabilities while strengthening engineering, validation and product development. Its roadmap extends beyond portable and onboard EV chargers to include public charging solutions, rectifiers, power modules and broader power conversion platforms. The company is also targeting approximately ₹60 crore ($6.25 million) in annualized revenue run-rate by March 2027 through existing EV programs and new applications.