The round also saw participation from the company's existing investor, Niveshaay, which doubled down on the company in a second follow-on round.

"Our conviction in Kimbal has only grown over time. They sit at the intersection of themes we have believed in for years. Indeed, energy security and energy transition have become global priorities, driving the need for smarter and adaptive power grids worldwide. The company's agility, along with Ayush's ability to attract top global talent, continues to keep it ahead of the curve. I truly appreciate the top-notch co-investor the current round has attracted," said Arvind Kothari, Founder at Niveshaay.

Niveshaay invests Rs 325 Cr in Waaree Group's battery arm along with co-investors

Kimbal will use the newly-raised capital to fund product development across power quality, energy management, and battery storage. A portion of the capital will also be used to advance its Advanced Metering Infrastructure (AMI) vertical and manufacturing operations as well as seed international expansion.

The company's AMI is a smart system that helps electricity distribution companies manage power better, using smart meters, a wireless communication network, and central software to help track electricity usage, reduce power loss, improve billing accuracy and balance supply and demand.

Founded in 2011, AMI remains Kimbal's largest business vertical with over 10 million AMI endpoints already deployed.

"Energy transition is fundamentally changing how energy is measured, managed, and traded. Sustainability, efficiency, and responsible innovation remain at the very core of it. With Niveshaay's continued trust and GEF Capital joining as a global sustainability investor, we now have the runway to deepen our engineering capabilities, scale faster with our agility intact, and take Kimbal global," said Ayush Sinhal, Kimbal's Founder and CEO.