Electronics systems design and manufacturing (ESDM) startup Indigrid Technology has raised an additional ₹40 Cr in its Series A funding round from Valour Capital, with participation from ITI Growth Opportunities Fund, Vimson Group and Global South Capital. This comes after the startup raised ₹35.2 Cr last year from Cactus Partners. The startup plans to use the fresh capital for capacity expansion, strengthening design and R&D capabilities, working capital support and selective forward and backward integration, including potential technology and startup acquisitions. It has scaled its manufacturing capacity fivefold over the last two years and plans to increase its manufacturing footprint to three units. Indigrid currently operates a facility in Gurugram and recently opened a new unit in Goa. The startup has also secured additional land in the state to build a larger plant spread across three acres. The Goa facilities will be closer to ports. They are aimed at leveraging incentives provided by the state government and developing a local supplier ecosystem. The state has a policy similar to the Centre’s PLI scheme, offering up to 25% capex subsidy and revenue-linked incentives. Founded in 2015 by Sameer Narang and Rishab Purias, Indigrid operates across automotive and consumer appliances. Indigrid’s Expansion… Read MoreInc42 Media
