Bacancy Systems raises ₹40 crore in Series A funding led by Sabre Partners and Greenstone Capital

Bacancy Systems Private Limited, an embedded electronics and power systems company based in Gujarat, has announced the closure of its Series A funding round, raising ₹40 crore. The round was led by Sabre Partners and Greenstone Capital, both of which have acquired minority stakes through primary investments.

The company said the funds will be used to expand its manufacturing capacity, support product development, strengthen research and development, and support expansion into international markets. Bacancy also said it will continue investing in domestic innovation and manufacturing in line with the government’s Make in India initiative.

Founded in 2021 by Binal Patel along with Krunal Patel (COO) and Hardik Sheth (CTO), the company works in embedded electronics, power systems, hardware, firmware, and cloud technologies. Its product portfolio includes solutions for EV original equipment manufacturers and charging infrastructure companies, including DC charger controllers and related systems.

The company is also expanding its operations in railway electronics, where it is developing products such as Train Control and Management System (TCMS) solutions, control systems for traction and auxiliary converters, TRDP-based embedded modules, PA/PIS systems, and remote monitoring platforms.

Commenting on the development, Binal Patel, Founder and CEO of Bacancy Systems, said “Closing our first fund raise is indeed a defining moment for Bacancy Systems. This milestone validates what we have believed from day one — that deep, purpose-built R&D in Electric mobility, Railways, is not just the future, but an urgent necessity, and local manufacturing of the same under the Make in India initiative is equally essential to empower India and build a reliable supply chain. With over two decades of industry experience, I am more confident than ever that the innovations we are building will define the next generation of India’s industrial backbone. This capital empowers us to push the boundaries of what’s possible in EV infrastructure, Railways, and beyond — and we are just getting started.”

Tanushree Agarwal, Partner at Sabre Partners, said “Bacancy represents a compelling play on India’s electrification and indigenization themes. The company has built strong capabilities in power electronics and controller systems, with a clear focus on IP-led product development. We believe Bacancy is well-positioned to benefit from the rapid growth in EV infrastructure and railway modernization, and we are excited to partner with the management team to support the next phase of growth and scale.”

Paresh Thakkar, Managing Partner at Greenstone Capital, said, “Bacancy’s strong engineering capability and focus on indigenized embedded systems position it well within India’s evolving EV and railway electronics ecosystem. We are pleased to collaborate with the company in driving its upcoming phase of growth and transformation.”

The company said it aims to strengthen its presence in embedded electronics and power systems for EVs and railways, while also expanding into global markets.

Steer Advisors was the sole transaction advisor for the deal. It is an investment banking and corporate advisory firm focused on sustainability and electric vehicles.

Sabre Partners is a Mumbai-based private equity firm founded in 2002, investing across healthcare, financial services, climate, and sustainability sectors. Greenstone Capital is a growth equity fund focused on clean energy, clean mobility, circular economy, and sustainable agriculture.

Also read: Bacancy Systems gets CE certification for CCS2 charger controller