Backing conviction. Scaling with intent - Kimbal

We at Niveshaay, through Hedgehogs Fund are proud to have been an early backer and now participate through the Niveshaay Sambhav Fund, alongside GEF, and remain excited about Kimbal’s journey ahead. This also marks our third consecutive investment in the company, reflecting our continued conviction and long-term partnership as Kimbal scales.

It has been an incredible journey to witness Kimbal grow from a monthly run rate of ₹7–8 crore at the time of our first investment to crossing ₹200+ crore within just two years.

From our very first meeting with Ayush, it was clear that he had a deep understanding of the Energy Transition opportunity and a long-term vision for the sector. Even then, smart meters appeared to be only the starting point—the foundation for building something much larger.

In one of the most important themes of this decade, Kimbal has built scalable products for India and is now expanding into international markets. The company’s agility, along with Ayush’s ability to attract top global talent, continues to keep it ahead of the curve.

We are really excited to have GEF Capital partnering with us for the journey ahead. Their proven track record of identifying and backing established leaders—such as Syrma SGS Technology, Premier Energies, Prince Pipes and Fittings, and ESDS Software Solution reflects their strong capability in identifying market winners.

This is a highly exciting phase as energy security and energy transition become global priorities, driving the need for smarter and more adaptive power grids worldwide.

This milestone has also been recognised across leading publications: 
https://inc42.com/buzz/kimbal-bags-22-mn-to-scale-smart-grid-solutions-globally/

https://businessnewsthisweek.com/business/kimbal-raises-usd-22-million-in-series-b-led-by-gef-capital-with-niveshaay-backing-the-company-for-the-third-consecutive-round/