Electrical Components Manufacturer TIEA Connectors Raises ₹77 Cr

Electrical components manufacturing startup TIEA Connectors has secured ₹77 Cr (about $8 Mn) in its Series A funding round led by IvyCap Ventures, with participation from existing backers Jamwant Ventures and 8X Ventures. The round also saw participation from a few undisclosed high-net-worth individuals (HNI).

In a statement, the startup said it plans to use the funds to expand its manufacturing infrastructure, strengthen R&D and product engineering capabilities, and accelerate automation and technology integration.

A portion of the funds will be used to scale operations across sectors like emobility, aerospace, defence and avionics in India and abroad.

Founded in 2019 by Ajith Sasidharan and Punit Shridhar Joshi, TIEA Connectors designs and manufactures electrical connectors and interconnect systems that help electrical systems, wires, batteries, sensors, and electronic components connect and communicate reliably. 

TIEA Connectors’ product portfolio includes connectors, precision components, stamping and bending terminals, among others. These products are used in EVs, energy storage systems, consumer electronics, and aerospace and defence.

“As industries increasingly transition towards electrification, intelligent systems, and high-reliability applications, we believe TIEA is well-positioned to emerge as a globally competitive interconnection technology company from India,” Sasidharan said on the funding.

Prior to this round, TIEA Connectors raised ₹22 Cr last year from Jamwant Ventures and Valour Capital.

The funding comes at a time when a number of manufacturing startups have emerged in the electrical and electronics segments over the last few years to produce and supply domestic products and solutions. These startups are seeing a lot of interest from investors who are looking to leverage the ‘Made in India’ and China+1 themes.

For instance, electronics manufacturer Mekr raised ₹67 Cr (about $7 Mn) earlier this month to strengthen its investments in R&D, product engineering, proprietary tooling, and supplier localisation. Prior to that, Bacancy Systems raised ₹40 Cr ($4.2 Mn) in March to expand its manufacturing infrastructure, enhance product capabilities, and deepen its R&D. 

The Centre has also taken a number of measures over the past few years to incentivise domestic manufacturing in these sectors. In her Budget speech, finance minister Nirmala Sitharaman proposed increasing the outlay of the Electronics Component Manufacturing Scheme (ECMS) to ₹40,000 Cr to raise domestic production. 

The post Electrical Components Manufacturer TIEA Connectors Raises ₹77 Cr appeared first on Inc42 Media.