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April 15, 2025 – Zenergize Technologies, a deep-tech startup building India’s first homegrown Silicon Carbide (SiC) power electronics platform, has raised $4 million (approximately ₹38 crore) in a Pre-Series A round. The funding, a mix of equity and venture debt, was led by Giraffe Studios and backed by a roster of industrial heavyweights. The company has already achieved a ₹30 crore annualized revenue run rate and an order book exceeding ₹150 crore within just one year of commercialization.
The new capital will be deployed primarily to expand manufacturing capacity, strengthen engineering and R&D, and build a nationwide sales and service network. Zenergize targets an annual revenue run rate of over ₹100 crore in its next growth phase, positioning itself as a key player in India’s energy transition ecosystem.
Investor Syndicate Brings Deep Industrial Expertise
The round attracted participation from notable figures including Nikhil Sawhney of Triveni Turbine, Varun Agarwal of Ellenbarrie Industrial Gases, Shyam Bagri of Bagrry Holdings, Raoul Bajaj of Trafigura, angel investor Sunil Kalra, along with former Delhivery executives Ajith Pai and Sandeep Barasia, Neo Group Managing Director Nitin Jain, and New Bank CEO Hemant Daga. Their collective experience in industrial manufacturing, engineering, supply chains, and financial services is expected to accelerate Zenergize’s scaling efforts.
Giraffe Studios, which increased its existing stake, sees this as a bet on deep-tech manufacturing. “We back teams building core technology and capturing substantial value chain share. Zenergize fits perfectly,” said Himanshu Aggarwal, Co-founder of Giraffe Studios.
Technology First: SiC Power Converters Designed for Indian Conditions
Zenergize has developed India’s first indigenous SiC-based DC fast charger and solar inverter platforms, both now commercially deployed. These products have received automotive certification for chargers and BIS certification for solar inverters. The company is now expanding into hybrid inverters and Battery Energy Storage Systems (BESS) inverters, aiming to serve the growing renewable energy and electric mobility markets.
Co-founder and CEO Navneet Daga emphasized that the company’s next phase is about building scale and global competitiveness: “World-class power electronics can be designed, manufactured, and made commercially viable in India. We are now building the manufacturing scale, engineering capability, and customer partnerships required to compete globally.”
Dr. Veer Karan Goyal, Co-founder and CTO, added that products designed for Indian grid conditions—voltage fluctuations, high temperatures, and dust—are more robust than adapted foreign designs. “Our SiC technology makes converters more efficient and price-competitive,” he said.
Market Context: Global SiC Transition Accelerates
The shift toward next-generation semiconductor materials is reshaping the power electronics industry. According to a 2024 Yole Intelligence report, the global SiC power market is projected to exceed $10 billion by 2028, driven by EV charging, solar inverters, and industrial drives. While companies like Wolfspeed and STMicroelectronics lead the space, Zenergize aims to carve out a niche by offering locally engineered, cost-optimized solutions for emerging markets.
India’s energy transition goals—500 GW renewable capacity by 2030 and a rapid EV adoption push—create a massive demand for power electronics. Zenergize’s indigenization effort could reduce import dependence and strengthen domestic supply chain resilience.
What’s Next
The company plans to expand its engineering team from 40 to 80 over the next year, ramp up contract manufacturing, and establish service centers across all major Indian states. It also eyes export opportunities in Southeast Asia and Africa, where similar grid conditions prevail.
With a strong order book and investor backing, Zenergize is positioning itself as a creator, not just a consumer, of advanced power electronics technology.
