Founded by Rishab Puri and Sameer Narang, Indigrid operates an integrated electronics manufacturing platform spanning electronics manufacturing services, electronics system design and manufacturing, and original design manufacturing. Indigrid Technology has raised ₹40 crore in additional funding to close its Series A round, as it looks to expand production capacity and deepen technology capabilities amid rising demand for localised electronics manufacturing.
The round was led by Valour Capital, with participation from ITI Growth Opportunities Fund, Xenon Trust, and Global South Capital.
“Indigrid’s remarkable growth places it perfectly to capture the manufacturing localisation opportunity, and we will support the company in its global expansion and M&A,” said Mragank Jain, managing partner at Global South Capital.
Indigrid had raised $4 million led by Cactus Partners in September last year.
Founded by Rishab Puri and Sameer Narang, Indigrid operates an integrated electronics manufacturing platform spanning electronics manufacturing services, electronics system design and manufacturing, and original design manufacturing.
Indigrid operates three manufacturing facilities across Manesar and Goa, and serves over 35 customers across automotive, consumer appliances, and industrial electronics.
Narang said the company has seen a shift in demand patterns over the past few years, with a growing share of enquiries coming from international customers.
“We were majorly supplying to the India market earlier. Now, a large share of requests for quotations and supply enquiries are coming from overseas customers. There is definitely an India-centric approach that the world is taking,” he told ETEntrepreneur.
The company has also expanded its customer profile beyond two-wheeler supply chains to working with four-wheeler manufacturers, Tier-1 automotive suppliers, and multinational companies.
Indigrid is focusing on strengthening design-led manufacturing, which the founders believe will help improve profitability and deepen customer relationships.
“As soon as you move into products where there is design input and you control the bill of materials or design end-to-end, margin profiles tend to improve,” Puri said.
The company is witnessing a strong order pipeline that is expected to more than double its scale over the next two financial years, driving the need for capacity expansion and facility upgrades. Narang said demand generation is no longer the primary challenge.
“Execution is the big challenge rather than getting business. Business is available. It’s how you deliver,” he said.
Indigrid is also exploring forward and backward integration strategies to strengthen its value chain position. Forward integration would involve moving closer to original equipment manufacturers, particularly in the automotive sector, while backward integration aims to reduce dependence on outsourced mechanical components and shorten product development timelines.
The company is exploring acquisitions to aid this transition.
While automotive and consumer electronics remain the company’s core segments, Indigrid is also seeing early traction in aerospace, defence, and railway electronics, driven by growth in domestic deep-tech startups and infrastructure programmes.
“There are companies working on aerospace systems and specialised drones that need design, prototyping and manufacturing support. We are helping several of them with product development cycles,” Puri said, adding that these segments could contribute 5-10 per cent of revenue going forward.
The fundraise comes as investors increase their focus on India’s manufacturing ecosystem, supported by policy incentives, and supply chain diversification. However, the founders said India still trails China in ecosystem maturity, particularly in component manufacturing.
“China has moved on to higher technology, while we are still catching up. But India is leapfrogging, and with sustained investment and policy support, the gap can narrow over time,” Puri said.
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