EV Charger manufacturer IPEC India raises USD 3 million from Gruhas

On April 16, 2025, Bengaluru-based electric vehicle (EV) charging company IPEC received an investment of USD 3 million from Gruhas, an investment platform co-founded by Nikhil Kamath and Abhijeet Pai.

According to a statement from IPEC, the funding will support the company’s plans to expand its presence in the EV charging segment and explore opportunities in the power electronics sector. The company has supplied over 10 lakh EV charging products to various electric vehicle (EV) original equipment manufacturers (OEMs) in India. It is now preparing to increase its manufacturing capacity to 50,000 units per month.

IPEC was established in 2017 by MEHER Group in partnership with DEKI Electronics and Sungho Electronics. The company focuses on the development and manufacturing of power electronics that enable energy conversion in electric vehicles (EVs), charging infrastructure, renewable energy systems, energy storage, and green hydrogen applications. IPEC operates in this domain by developing EV charging solutions to meet the growing demand for locally manufactured products. It emphasizes design and manufacturing capabilities, with integration across hardware, software, and AI-based systems.

IPEC’s product portfolio includes private, portable, and public EV chargers, EV connectors, and vehicle charging inlets. According to the company, these products are developed in line with Indian and international standards, including PM E-Drive and the PLI Scheme. The company also provides cloud-based Charging Management Systems (CMS) and a mobile application for operational control and data insights. IPEC supplies to EV OEMs including Ather Energy, Bajaj Auto, and Greaves (Ampere).

Zohra Khan, CEO of IPEC, said, “Traditionally, India’s reliance on imports for power electronics has been high. At IPEC, we are changing that by designing and manufacturing power electronic products in India – for India and the world. This investment by Gruhas shall further propel our contributions to the ‘Make In India’ mission and enhance India’s EV ecosystem. IPEC has witnessed a 40% growth in revenue in FY25 and anticipates doubling its revenue in FY26. This investment also enables IPEC to expand our avenues and capabilities to launch IPEC into global markets. We are excited to have Gruhas as part of the team and look forward to a great journey ahead.”

Abhijeet Pai, Co-Founder of Gruhas, stated, “IPEC is fast emerging as a changemaker in India’s EV charging ecosystem. As the country accelerates toward an electric future, reliable and scalable charging infrastructure built on quality components, sub-assemblies, and smart chargers becomes mission-critical. Together, Zohra and IPEC have led the way in this space. By already serving four of India’s top OEMs, they’ve set benchmarks in manufacturing chargers, especially for the two-wheeler segment. Their deep ecosystem understanding and technical capabilities position them to expand beyond two-wheelers, into broader applications. At Gruhas, we are committed to backing companies that scale in tandem with OEMs — building the long-term future of the industry together.”

source: PTI

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