IIT Madras Startup Signs ₹100 Crore EV Charger Deal

IIT Madras-incubated EV charging company Plugzmart has signed a ₹100 crore MoU with the Tamil Nadu government to expand manufacturing, deep-tech R&D and charging infrastructure. The investment is expected to create more than 500 skilled jobs.

The electric vehicle charging technology startup Plugzmart, which was incubated at IIT Madras Research Park (IIT-MRP), has inked a Memorandum of Understanding (MoU) with the Tamil Nadu government worth ₹100 crore, to scale up its manufacturing operations, research and development (R&D) activities, and electric vehicle (EV) charging stations.

The deal was inked at Vetri Tamil Nadu Investment Conclave 2026 in Chennai. The proposed investment is set to bring in over 500 skilled jobs and will enhance Plugzmart's presence in the state's emerging electric mobility ecosystem.

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The company plans to use the investment to scale up production of EV charging equipment and develop advanced charging technologies. Plugzmart designs and builds electric vehicle chargers and offers software for charging infrastructure for the following sectors: OEMs, fleet owners, charge point operators, and public charging projects.

The expansion is part of Tamil Nadu's efforts to bolster its position as a key player in the electric mobility and manufacturing sector. The state has been actively encouraging investments in EVs by, among other things, developing EV infrastructure, providing industry incentives, and implementing other initiatives to establish an integrated EV ecosystem.

More production capacity would benefit Plugzmart in a situation where demand for charging stations is growing with the growing adoption of electric vehicles in all segments, from passenger vehicles to commercial vehicles and two-wheelers.

The funding will also help the firm to pursue further research and development in the area of deep tech, enabling it to develop innovative charging technologies and enhance the performance and scalability of its offerings. The expansion will help to develop stable charging solutions for various applications," Plugzmart said.

The collaboration signifies the rising influence of start-ups and tech firms within the Tamil Nadu EV ecosystem. Several technology startups have been nurtured and developed in the technology park of IIT-Madras which enables engineering and deep tech innovations to be developed and commercialised in the technology park.

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The MoU is also in line with Tamil Nadu's broader initiatives to welcome investments in the various emerging technology fields. State commitments in recent years have included specific projects in the areas of EVs, electronics, space technology, and life sciences and advanced manufacturing.

Plugzmart plans to take its production to a bigger scale with the investment of ₹100 crore while it continues to work on technology for the growing EV charging infrastructure in India. The project will benefit industrial development and employment growth in Tamil Nadu, especially in the area of skill-based employment.