Leanwatts Raises $2M to Scale EV Power Electronics

Hyderabad-based power electronics startup Leanwatts has raised approximately $2 million, or ₹18.15 crore, in seed funding as it prepares to expand manufacturing, research and development and its wider portfolio of power-conversion products. The Leanwatts funding round was led by Trivest Partners, with angel investors Abraham George and Alok Rungta also participating. The company is targeting an annualised revenue run-rate of about ₹60 crore by March 2027.

The capital comes at an important point in Leanwatts’ development. The company began with electric-vehicle charging products but is now extending its technology into public charging systems, rectifiers, power modules, hybrid inverters and other power-conversion applications. That shift means the new funding is aimed not only at increasing charger production, but at building a broader power-electronics business.

Leanwatts operates from Hyderabad with in-house capabilities covering hardware design, embedded firmware and software, product engineering, validation, testing and quality. Its current charger portfolio includes portable and onboard systems ranging from 500W to 6.6kW for applications including electric two-wheelers, L2 and L5 vehicles and e-tractors.

Why Leanwatts funding matters beyond EV chargers

The most significant part of the funding story is Leanwatts’ attempt to build an integrated power-electronics platform rather than remain focused on a single EV charging product category. The startup plans to use the new capital to expand manufacturing capacity, strengthen R&D and testing infrastructure and accelerate new power-conversion platforms.

This strategy puts engineering and manufacturing at the centre of the company’s expansion. Leanwatts says its products need to be designed around Indian operating conditions, including local grid conditions and the different requirements of vehicle manufacturers. Its approach also combines product engineering with customer-specific development for EV original equipment manufacturers.

How will Leanwatts use its $2 million funding?

The company plans to direct the fresh capital toward several parts of its operating base. Manufacturing capacity is one priority, while research and development, testing and validation infrastructure are also expected to receive investment. Leanwatts is additionally working to strengthen its supply chain and increase localisation as it scales.

The startup has also been working with engineering institutions on industry-oriented R&D programmes. Co-founder Pradeep Chowdary has said the company is investing in laboratories and engineering capabilities aimed at developing efficient architectures, cost-effective designs, advanced materials and emerging technologies.

What is Leanwatts targeting by March 2027?

Leanwatts is targeting an annualised revenue run-rate of approximately ₹60 crore, equivalent to about $6.25 million, by March 2027. The company expects that target to come from scaling existing EV programmes while adding revenue opportunities from new power-electronics applications.

The target gives investors and the market a measurable view of the startup’s next stage. Rather than relying only on growth in its existing charger portfolio, Leanwatts is attempting to broaden the number of products and applications supported by the same underlying engineering and manufacturing capabilities.

That diversification could become important as the company moves from portable and onboard EV chargers toward public charging solutions, rectifiers, power modules and hybrid inverters. However, the ₹60 crore figure is a company target rather than achieved revenue, so its eventual performance will depend on customer programmes, manufacturing scale-up and the pace of new product adoption.

Who founded Leanwatts?

Leanwatts was founded in October 2023 by Pradeep Chowdary, Abhilash Reddy and Sujith Kumar. Business Standard identifies Chowdary and Reddy as BITS Pilani alumni, while Kumar is an alumnus of NIT Surathkal and IIM Udaipur.

The founding team has positioned Leanwatts around both product development and manufacturing capability. Its Hyderabad operation brings several stages of the technology-development process under one organisation, from hardware and embedded systems to validation, testing and quality.

For the startup, the latest funding round therefore represents more than an increase in available capital. It is an attempt to build deeper engineering capacity, increase localisation and expand from an EV charging-focused business into a wider power-electronics platform serving mobility and energy applications.

Frequently Asked Questions

How much funding did Leanwatts raise?

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

What products does Leanwatts make?

Leanwatts currently develops portable and onboard EV chargers ranging from 500W to 6.6kW. Its products serve electric two-wheelers, L2 and L5 vehicles and e-tractors, while its broader roadmap includes public charging solutions, rectifiers, power modules and hybrid inverters.

What is Leanwatts’ revenue target?

Leanwatts is targeting an annualised revenue run-rate of approximately ₹60 crore by March 2027. The company expects growth to come from existing EV programmes and expansion into additional power-electronics applications.