Hyderabad-based clean technology startup Leanwatts has raised approximately $2 million in a seed funding round led by Trivest Partners, as it looks to scale its locally developed power electronics portfolio for electric vehicles and other energy applications.

Angel investors Abraham George and Alok Rungta also participated in the round. Leanwatts will use the capital to strengthen its supply chain, increase domestic production and expand its manufacturing operations in India.

The company also plans to broaden its product range beyond electric vehicle charging technology, targeting public charging systems, rectifiers, power modules, hybrid inverters and other power-conversion products.

Get Featured

Scaling Domestic Power Electronics Manufacturing

Leanwatts develops power electronics products for electric vehicle manufacturers, with a focus on designing and producing technology within India. Its existing portfolio includes portable and onboard chargers ranging from 500 watts to 6.6 kilowatts.

These chargers serve electric two-wheelers, L2 and L5 vehicle categories and electric tractors. By supporting different vehicle types and power requirements, Leanwatts is building a product portfolio that can address several segments of India’s expanding electric mobility ecosystem.

The fresh capital will allow the startup to increase local production while creating a more dependable supply chain. This will be important as Leanwatts works with vehicle manufacturers that require consistent access to components, predictable delivery schedules and equipment capable of meeting commercial performance standards.

Bringing research, engineering and manufacturing together could also give the company greater control over product development. Leanwatts aims to reduce the time required to adapt its systems for different customers while limiting its exposure to external supply disruptions.

Moving Beyond EV Chargers

Although electric vehicle charging remains a central part of the business, Leanwatts is preparing to enter adjacent areas of power electronics. Its planned portfolio includes public charging infrastructure, rectifiers and power modules, as well as hybrid inverters that can support wider energy applications.

This expansion would move the company from supplying individual charging products toward offering a broader range of technologies that manage, convert and distribute electrical power.

Co-founder Sujith Kumar said India’s energy transition offers a rare opportunity to establish technology and manufacturing capabilities that can compete internationally. Leanwatts, he added, wants to build an India-rooted company with global relevance by combining proprietary research, engineering and manufacturing within one organisation.

Building for India’s Energy Transition

Founded in 2023 by Pradeep Chowdary, Sujith Kumar and Abhilash Reddy, Leanwatts operates at the intersection of electric mobility, power conversion and local manufacturing.

Its approach reflects a wider effort among Indian deep-tech companies to develop critical components domestically rather than relying entirely on imported platforms. For Leanwatts, the immediate challenge will be converting its engineering capabilities into production capacity that can meet the requirements of vehicle manufacturers and energy-sector customers.

The seed round gives the company resources to reinforce that foundation while developing products for a wider set of power applications. With Trivest Partners leading the investment, Leanwatts will now focus on scaling its operations and establishing a larger role in India’s power electronics supply chain.

Bengaluru-based HerSpace Manufacturing has secured a $40 million funding commitment from existing investor Gray Matters Capital to expand its worker accommodation business across India.

The capital will be deployed over the next 30 months through a combination of debt, equity and quasi-equity. Gray Matters Capital previously invested $10 million in HerSpace in 2025, making the latest commitment a substantial increase in its backing of the company.

HerSpace plans to expand across Greater Bengaluru, Hosur, Chennai and Andhra Pradesh. The startup currently operates more than 950 modular beds and has over 10,000 additional beds in its development pipeline.

Get Featured

Dedicated Housing for Industrial Workers

Founded in 2023, HerSpace develops and manages accommodation for employees in India’s manufacturing and industrial sectors. Its facilities are located near industrial areas, reducing the time and expense associated with transporting workers between their homes and workplaces.

The company positions its model as an alternative to traditional paying guest accommodation, where workers may face inconsistent quality, weak safety standards and limited regulatory compliance. Secure housing for women remains a particular concern as manufacturers recruit more female employees but often struggle to find suitable accommodation close to their facilities.

HerSpace said its housing model can help employers strengthen worker retention, productivity and job satisfaction. Locating accommodation near factories may also reduce transportation costs and the emissions generated by daily employee commutes.

Founder Bob Pattillo said HerSpace has progressed rapidly from an initial concept into an operating business with clear market demand. The company’s next task, he added, is to apply the capital and operational experience gained from its first projects to build a model that can expand quickly without compromising affordability or quality.

Employer Demand Shapes the Model

HerSpace’s expansion strategy relies partly on partnerships with manufacturers seeking accommodation for groups of employees. This provides the startup with concentrated demand while giving employers greater oversight of worker safety, living standards and access to their facilities.

Pattillo cited one customer that initially placed 200 female employees in a HerSpace facility. After those workers recommended the accommodation to colleagues, additional employees requested transfers, prompting the company to reserve the remaining 280 beds.

The example illustrates how housing quality can influence employee satisfaction and retention, particularly among workers who relocate to take industrial jobs. It also shows why accommodation is becoming a workforce planning issue rather than simply a personal responsibility for employees.

Scaling Across Manufacturing Hubs

HerSpace CEO Simha Nagaraj described the funding as a defining milestone that reflects the size of the market opportunity ahead.

The company will now focus on increasing its bed capacity across major manufacturing corridors in southern India. Greater Bengaluru, Hosur, Chennai and Andhra Pradesh host significant industrial activity, creating demand for organised housing among employees who live far from their workplaces.

HerSpace will need to maintain consistent service standards as it moves from hundreds of operational beds toward a pipeline exceeding 10,000. Its blended financing structure may support that growth by providing different forms of capital for property development, operating expenses and business expansion.

The $40 million commitment gives HerSpace a multi-year financial runway to test whether dedicated worker accommodation can become scalable infrastructure for India’s industrial economy while addressing longstanding gaps in safety, affordability and access.

Mumbai-based pharmaceutical distribution startup Fundly.ai has raised $4 million in a funding round led by existing investors Accel and Multiply Ventures, as it expands its digital commerce and financial services across India’s medicine supply chain.

Former RBL Bank executive director Rajeev Ahuja and other angel investors also participated. In addition to the equity financing, Fundly.ai secured approximately $900,000 in venture debt, giving the company further capital to support its expansion.

The startup plans to grow its procurement, payments and embedded credit products for pharmaceutical retailers and distributors. Its broader aim is to connect commercial and financial processes that many businesses still manage through separate, largely manual channels.

Get Featured

Connecting India’s Fragmented Pharma Supply Chain

Fundly.ai is building a platform that brings ordering, payments and working capital into a single system. The technology targets pharmacies and distributors that often coordinate transactions through WhatsApp messages, phone calls and paper records.

While those tools remain widely used, they do not provide businesses with a unified view of procurement, payment status or credit. Fundly.ai wants to become the underlying coordination layer through which pharmaceutical companies manage these activities.

Founder and CEO Amit Chawla said India’s medicine distribution network continues to operate through fragmented communication channels. Although the existing system functions, ordering, payments and credit remain disconnected, he explained. Fundly.ai is building the infrastructure that allows those processes to work together.

The platform is designed to simplify daily operations for pharma retailers and distributors while giving them easier access to the financing required to purchase inventory. Combining transaction data with credit services could also allow Fundly.ai to assess funding needs within the same environment where businesses place orders and settle payments.

From Supply Chain Finance to B2B Commerce

Founded in 2021 by Amit Chawla and Shreeram Ramanathan, Fundly.ai initially focused on providing supply chain financing to pharmaceutical businesses.

The startup later expanded into B2B commerce, payments, settlements and embedded credit, moving from a standalone financing product toward a broader operating platform for the sector. Its evolution reflects the close relationship between inventory procurement and access to working capital in pharmaceutical distribution.

Retailers need sufficient stock to meet customer demand, but tying capital up in inventory can create pressure on cash flow. Distributors face similar challenges when extending payment terms to pharmacies while managing their own supplier obligations. Fundly.ai’s model seeks to address both sides by connecting purchases, payments and credit within one platform.

Existing Investors Back Further Expansion

Accel and Multiply Ventures’ decision to lead the new round signals continued support for Fundly.ai’s strategy. The participation of Ahuja and other angels also brings additional financial-sector experience to the company’s investor base.

Fundly.ai will use the financing to deepen its presence across India’s pharmaceutical supply chain and improve the products available to retailers and distributors. The combination of equity and venture debt gives the startup flexibility as it scales both technology development and capital-intensive credit services.

Its next phase will test whether a unified digital platform can replace fragmented workflows without disrupting the relationships that already underpin medicine distribution. If Fundly.ai succeeds, it could make procurement and financial management more transparent for businesses operating across one of India’s most essential supply chains.