Deep-tech startup Zenergize raises ₹33.5 cr in pre-Series A funding round

Homegrown deep-tech company Zenergize Technologies, which is developing indigenous silicon carbide (SiC)-based power electronics, has raised nearly Rs 33.5 crore in a pre-Series A funding round. The fundraise, comprising equity and venture debt, was led by Giraffe Studios, which increased its existing investment in the company.

The funding round brought several strategic investors on board, including Nikhil Sawhney of Triveni Turbine Limited, Varun Agarwal of Ellenbarrie Industrial Gases, Shyam Bagri of Bagrry’s Holdings, and Raoul Bajaj of Trafigura.

A few angel investors who participated in the round include Sunil Kalra, Ajith Pai, former chief operating officer of Delhivery, Sandeep Barasia, former chief business officer (CBO) of Delhivery, Nitin Jain, managing director of Neo Group, and Hemant Daga, chief executive officer (CEO) of New Bank.

With this fundraise, the company has raised Rs 50.5 crore to date. It had earlier raised Rs 17 crore in a seed funding round.

The fresh capital will primarily be deployed towards expanding manufacturing capacity, strengthening engineering, growing its nationwide service network and sales footprint, accelerating research and development, and building operational capabilities to serve large enterprises and original equipment manufacturer (OEM) customers.

Zenergize expects the investment will support its ambition of scaling to an annual revenue run rate exceeding Rs 100 crore over the next phase of growth. The company has, so far, reached an annual revenue run rate of Rs 30 crore and built an order book exceeding Rs 150 crore within a year of commercialisation.

The company, founded by IIT and IIM alumni, said it has built the country’s first indigenous SiC-based DC fast charger and solar inverter platforms. With automotive certifications for its chargers and BIS certification for its solar inverters, Zenergize is currently scaling manufacturing and expanding its technology platform.

Commenting on the fundraise, Navneet Daga, co-founder and CEO of Zenergize, said, “The past year has demonstrated that world-class power electronics can be designed, manufactured and commercially viable in India. Our next phase is about building the manufacturing scale, engineering capability and customer partnerships required to make Indian technology globally competitive.”