Zenergize raises $4M for EV charger scaling

Clean tech startup Zenergize has raised $4 million (nearly ₹38 crore) in a Pre-Series A funding round. The investment was led by Giraffe Studios, with participation from a group of angel investors including Nikhil Sawhney of Triveni Turbine, Varun Agarwal of Ellenbarrie, Shyam Bagri of Bagrry's Holdings, and Raoul Bajaj of Trafigura.

Other backers include Sunil Kalra, former Delhivery executives Ajith Pai and Sandeep Barasia, Neo Group managing director Nitin Jain, and New Bank CEO Hemant Daga. Existing investors also participated in the round, according to a report by Inc42.

Co-founder and CEO Navneet Daga told Inc42 the capital will be used to enhance production capacity, scale research and development, and expand the sales and servicing team in India. "We have already started working on hybrid inverters, which we believe would be a product that the market will gravitate towards in the next 12 months," Daga said.

Manufacturing and Expansion Plans

Founded in March 2025 by IIT Bombay alumni Navneet Daga and Veer Karan Goyal, Zenergize manufactures AC and DC EV chargers and solar inverters at a facility in Parwanoo, Himachal Pradesh. Daga stated the company currently produces close to 2,000 solar inverters and between 30 to 40 EV chargers per month at this site. You can see more about its manufacturing fixtures and team squad.

Substantial expansion is planned. Over the next few months, Zenergize intends to double the capacity of its Parwanoo plant. It is also setting up a second facility in the Delhi National Capital Region (NCR).

"Together, the two facilities will take our production capacity to around 8,000 to 10,000 inverters a month and approximately 70 to 100 DC chargers a month, apart from AC chargers, which will also be fulfilled from these facilities," Daga added. The new Delhi NCR facility alone is expected to add capacity for around 5,000 more inverters.

Product Sourcing and Financials

The startup claims its products are designed and manufactured in India. This includes printed circuit boards (PCBs) and the core power converter module (PCM). The only major component sourced from overseas is semiconductors.

Financially, Zenergize claims to be clocking an annual run rate (ARR) between ₹35 crore and ₹40 crore. The company aims to scale this number to between ₹80 crore and ₹90 crore by the end of 2026. Detailed financial stats are available.

This $4 million raise marks the startup's second funding round in the past year. It previously secured $2 million in a seed round in May 2024 to ramp up hiring and scale R&D and production.

Market Context

Zenergize's expansion plans align with a rapid build-out of India's EV charging infrastructure. As of December 2025, the country was home to 29,151 EV charging stations. Of these, 8,805 were fast-charging stations. To fuel this growth, the central government has allocated ₹2,000 crore under the PM E-DRIVE scheme for local public charging infrastructure.

The company's current and projected production capacities for its key product lines are as follows:

AC charger production will also be fulfilled from the expanded facilities. Zenergize is betting on India's fast-growing EV ecosystem to transform it into a larger, higher-capacity player in the domestic market. The competitive standings in this sector are evolving rapidly.