New Delhi, April 30 -- Kimbal Pvt Ltd, an engineering company that provides energy technology and smart metering products, has pocketed $22 million (Rs 209 crore) in a Series B round led by global sustainability-focused private equity firm GEF Capital Partners.
Surat-based investor Niveshaay, which is an early institutional backer of the company, has doubled down with its Sambhav Fund, its domestic fund that invests in both listed and unlisted companies.
"Energy transition is fundamentally changing how energy is measured, managed, and traded. Sustainability, efficiency, and responsible innovation remain at the very core of it," said Ayush Sinhal, Kimbal's founder and chief executive. "We now have the runway to deepen our engineering capabilities, scale faster with our agility intact, and take Kimbal global."
The fresh capital will be deployed towards Kimbal's product development across power quality, energy management, and battery storage. It will also help the company to deepen its Advanced Metering Infrastructure vertical and manufacturing operations, and seed international expansion, the company said in a statement.
"India's energy transition is among the most consequential sustainability opportunities of this decade. Kimbal's technology platform, engineering capability, and proven execution make them a good fit for GEF Capital's investment program," said Sridhar Narayan, managing partner at the PE firm.
ICICI Securities was the banker and advisor on the deal.
New Delhi-based Kimbal operates as a full-stack energy technology organization building solutions for grid modernization. Its product portfolio extends across radio frequency-mesh connectivity, edge intelligence, cloud-based solutions, power quality, energy management, and battery storage, with Advanced Metering Infrastructure serving as its flagship solution.
The company has a 300-member engineering team spanning Delhi, Bengaluru, Singapore, Seoul, and Australia.
Kimbal previously raised capital in March 2024 when Niveshaay led a $5 million round, with participation from angel investors like Ayush Mittal of Mittal Analytics Pvt. Ltd and Sandeep Kapadia. This was its first external round of fundraising.
Published by HT Digital Content Services with permission from VC Circle.