Bacancy Systems Private Limited, an embedded electronics and power systems company based in Gujarat, has closed a Series A funding round of INR 400 million, led by Mumbai-based private equity firm Sabre Partners and sustainability-focused growth equity fund Greenstone Capital. Both investors have acquired minority stakes through primary investments. The transaction was advised solely by Steer Advisors, an investment bank with a track record in the sustainability and electric vehicle space since 2017.
The funding marks Bacancy's first institutional raise since its founding in 2021, and the company described the close as a significant milestone in its growth trajectory. The capital will be deployed across four broad areas: expanding manufacturing infrastructure, accelerating product development, strengthening research and development, and building a presence in international markets. The company also reaffirmed its commitment to the government's Make in India initiative, framing domestic innovation and local production as central to its long-term strategy.
Founded by Binal Patel, Krunal Patel, and Hardik Sheth — school friends who serve as CEO, COO, and CTO respectively — Bacancy was built around the thesis that purpose-built, IP-led engineering in power electronics and control systems represented an underserved opportunity in India's industrial landscape. The company operates at the intersection of hardware, firmware, and cloud technologies, and has developed a portfolio of products that serve electric vehicle original equipment manufacturers and charging infrastructure operators, with particular depth in DC charger controllers and associated systems.
Speaking on the fundraise, Binal Patel said the close validated the company's founding conviction that deep R&D in electric mobility and railways was not just a future opportunity but an immediate necessity, and that local manufacturing was equally essential to building a reliable supply chain. He added that the capital would allow Bacancy to push the boundaries of what is possible in EV infrastructure, railways, and beyond.
In addition to its EV business, Bacancy has been building a presence in India's railway electronics segment, which is undergoing a broad government-backed modernisation programme. The company is developing a range of Train Control and Management System solutions, control systems for traction and auxiliary converters, TRDP-based embedded modules, and passenger information and remote monitoring platforms. These are aimed at improving operational efficiency and reliability across modern rail networks. The railway vertical represents a strategic expansion for the company, diversifying its revenue base while remaining within its core domain of embedded electronics and power systems.
Tanushree Agarwal, Partner at Sabre Partners, described Bacancy as a play on India's electrification and indigenisation themes, noting the company's capabilities in power electronics and controller systems and its clear focus on IP-led product development. She said Sabre sees Bacancy as well-positioned to benefit from the rapid growth in EV infrastructure and railway modernisation. Paresh Thakkar, Managing Partner at Greenstone Capital, pointed to Bacancy's engineering capability and focus on indigenised embedded systems as the basis for the firm's confidence in the company's growth and transformation ahead.
Sabre Partners is a mid-market private equity firm founded in 2002 and headquartered in Mumbai. The firm focuses on partnering with high-growth businesses across healthcare, financial services, and climate and sustainability sectors, with an emphasis on operational value creation and governance support. Greenstone Capital is a growth equity fund that backs Indian companies in climate-aligned sectors including clean energy, clean mobility, the circular economy, and sustainable agriculture, with a dual focus on commercial performance and environmental impact.
The funding comes at a time of growing investor interest in India's EV ecosystem. Domestic demand for charging infrastructure has risen alongside increasing EV adoption, and the government's push for localised manufacturing under schemes such as the Production Linked Incentive has drawn capital into the space. In the railway sector, a large-scale modernisation effort — encompassing new rolling stock, upgraded signalling, and improved passenger systems — has created demand for domestically developed electronics, where companies like Bacancy are seeking to position themselves as alternatives to imported solutions.
With this round closed, Bacancy said it aims to consolidate its position as a leading domestic player in embedded electronics and power systems for EVs and railways, while using the new capital to establish a foothold in global markets.