India, September 09th, 2025: Cactus Partners has made an additional investment of USD 4 million in Indigrid Technology to fund the set-up of its Goa facility to expand production. This follows a USD 5 million funding round led by CPL into the company in June last year. Indigrid has registered significant customer demand since the initial investment, requiring some new facilities including one in Goa.
Incorporated in 2016, Indigrid started its journey providing Electronics Systems Design and Manufacturing (ESDM) to automotive component suppliers in India and has diversified into consumer electronics following CPL’s initial investment. Thanks to its strong design capabilities, flawless execution, and strategic collaborations with Japanese technology majors, Indigrid has evolved into a full stack automotive, EV, and consumer electronics components provider.
The company started its manufacturing operations in Manesar, near Gurugram, and operates two facilities in Manesar prior to its recent expansion into Goa. Indigrid caters to a wide gamut of customers, including the likes of JP Minda, Hella, Rosenberger, Sensetek, Sandhar, IFB, Revolt, Kinetic etc to name a few. With a customer centric approach, deep domain expertise, robust product portfolio, and growing customer base, Indigrid is well positioned to become an ESDM powerhouse – “Made in India” for India and the world.
The new capital infusion will be directed towards expanding production capacity primarily for the Goa factory, enhancing automation, expanding product offerings, broadening presence in Indian and global markets, and strengthening the team.
The company had grown more than 60% in FY25 post the capacity expansion after CPLs initial investment. With the new Goa facility, the revenues are expected to grow another approx. 200% in FY26 i.e. revenue expansion of almost 5x in two years. Indigrid already operates at high single-digit % EBITDA margin, which is expected to get to double-digit percentage in the next couple of years.
Speaking on the fundraise, Sameer Narang and Rishab Puri, co-founders, Indigrid said, “We are delighted and privileged to continue our partnership with CPL as we enter the next phase of our growth journey. The additional investment comes at a pivotal time when demand across automotive, EV, and consumer electronics segments is accelerating sharply. The new facility will significantly enhance our production capacity, improve automation, and enable us to serve a broader customer base and sectors in India and overseas.
With CPL’s continued support & trust leading to prompt second infusion; paired with our team’s relentless focus on innovation and execution, we are confident of scaling Indigrid into a leading ESDM player building world-class products as ‘Make in India’ for the world.”
Amit Sharma, General Partner, Cactus Partners commented on the collaboration saying, “We are proud to have partnered with this high-quality business last year writing its first institutional cheque. Our team is impressed by the execution, innovation and focus that Sameer and Rishab continue to demonstrate. It is their pragmatism and hunger for profitable growth that has triggered the strong demand pull, which positions the company well for its next phase of growth. We believe the timing is right for Indigrid to build upon its initial success and establish itself as a critical player in the growing ESDM ecosystem in the country. CPL, as per our stated strategy, will support the company with all our strategic resources in addition to the capital infusion.”
CPL is a high-conviction investor and invests in businesses with established product-market fit and disciplined financial performance. The fund has a broad sector focus, with its primary interests being manufacturing, enterprise technology and consumer businesses.