Indigrid Technologies: Closing a Pre-Series B in Manufacturing
Owned the research layer for a complex ODM manufacturing deal, from competitive landscaping to valuation comps, contributing to a successful round closure
Manish Goel
Investment Analyst at Marquee Equity
From their time as
Analyst
CENSIE Capital • 2024 - 2025
Overview
Manish joined the Indigrid Technologies mandate at CENSIE Capital Partners when the firm was actively scouting the manufacturing sector. Most companies they evaluated were in Class B or Class C component manufacturing, where the moat was thin and competition was largely cost-driven. Indigrid stood out immediately: it operated in Class A original design manufacturing, owned its IP, and was already generating strong financials.
The Story
Manish joined the Indigrid Technologies mandate at CENSIE Capital Partners when the firm was actively scouting the manufacturing sector. Most companies they evaluated were in Class B or Class C component manufacturing, where the moat was thin and competition was largely cost-driven. Indigrid stood out immediately: it operated in Class A original design manufacturing, owned its IP, and was already generating strong financials.
His primary responsibility was the research layer. He compiled the competitive landscape, mapping companies across the manufacturing space by product category, component class, and business model. This helped the team articulate clearly why Indigrid's ODM positioning and IP ownership were genuinely differentiated, not just a founder's claim.
He also owned the valuation model research, identifying listed comparable companies and analyzing their stock performance since listing. Finding the right comps was the hardest part: manufacturing is not a new sector in India, but finding listed companies of similar size and product category required significant manual effort.
Beyond the research, he contributed to refining the pitch deck and supported investor Q&A preparation throughout the process. The team identified one key risk early: Indigrid was asset-heavy, requiring roughly 25 crores of CapEx per manufacturing unit. Manish's research helped underwrite that risk by establishing that the CapEx payback on a contribution margin basis was under 24 months.
The deal closed successfully. Indigrid raised approximately $10.5 to $11 million in its pre-Series B, led by existing investor Cactus Partners, with participation from ITI Growth Opportunities Fund and Veda Capital.