Hyderabad-based power electronics startup Leanwatts has raised approximately $2 million (₹181.5 million) in seed funding across two tranches, led by Trivest Partners, with participation from angel investors Abraham George and Alok Rungta.

Leanwatts said it will use the funding to deepen its research and development activities, strengthen its supply chain, increase localization, and expand manufacturing capabilities.

Founded in October 2023, Leanwatts develops and manufactures power electronics products from its Hyderabad manufacturing facility. The company has in-house capabilities covering hardware design, embedded firmware and software, product engineering, validation, testing, and quality.

Leanwatts began operations with electric vehicle charging products and currently offers portable and onboard chargers ranging from 500 W to 6.6 kW. The products serve electric two-wheelers, L2 and L5 vehicles, and electric tractors.

The company is also expanding into public charging solutions, rectifiers, power modules, hybrid inverters, and other power conversion applications for the energy sector.

Sujith Kumar, Co-founder, said products for the Indian power electronics market need to account for the country’s grid conditions, operating environments, and varying requirements of original equipment manufacturers.

Leanwatts is targeting an annualized revenue run rate of approximately ₹600 million ($6.35 million) by March 2027.  The company expects to support this target by scaling up its existing electric vehicle programs and expanding into additional power electronics applications.

The rising demand for solar inverters underscores the growth of the power electronics market. In 2025, inverter shipments to solar projects in India increased 40.8% compared to 2024, driven by record installations and a strong project pipeline targeted for commissioning in the first half of 2026, ahead of the phased reduction in interstate transmission system charges waiver.

The strong domestic electric vehicle (EV) market has also supported this expansion.  EV sales in India reached 837,453 units in the second quarter of 2026, a year-over-year increase of 52.3% over 549,900 units recorded in the corresponding quarter of 2025.