Why we chose to partner with Adiabatic Technologies?
Every once in a while, we meet a founder who reminds us why we enjoy investing. At Malpani Ventures, we've always gravitated towards founders who build patiently, think long term and treat capital as a resource to be earned rather than consumed. We value founders who solve a difficult problem that others have overlooked and not simply chase the largest market or the latest trend. Darshan Meher, founder of Adiabatic Technologies, was one such founder.
We're excited to announce our investment in Adiabatic Technologies as part of its ₹8.3 crore seed round. Adiabatic builds advanced lithium-ion battery systems for applications across robotics, drones, defence, industrial automation and mobility markets where reliability and engineering matter far more than commoditised assembly.
Given the stage at which we invest and partner, we spend far more time evaluating founders than evaluating markets. Markets evolve. Products pivot. Great founders adapt. From our first few conversations with Darshan, one thing stood out: he had built the company with remarkable capital efficiency. Instead of raising aggressively, he focused on solving customer problems, improving the product and growing the business one order at a time. That discipline is difficult to teach and is something we actively look for in every investment.
Our conviction also came from the business itself. Adiabatic isn't trying to compete with the largest battery manufacturers on volume or price. Instead, it has chosen to focus on specialised industrial applications where standard battery packs simply don't work. Customers need custom form factors, intelligent battery management, thermal performance and engineering support, not just another commoditised battery pack. We believe this is where differentiated companies can create lasting value.
The battery industry is often viewed through the lens of electric vehicles and large-scale energy storage. We believe some of the most interesting opportunities lie in specialised industrial applications where battery systems are becoming increasingly mission-critical. As robotics, automation, defence and advanced manufacturing continue to grow, OEMs need partners who can engineer battery systems around their products rather than adapt their products around standard battery packs. This is the segment Adiabatic has chosen to serve. By combining battery design, thermal management, battery management systems and manufacturing, the company is building an engineering-led business in a part of the market that is both underserved and technically demanding
During our diligence, we spoke with industry participants, evaluated the competitive landscape and tried to answer a simple question: Why would a customer choose Adiabatic over dozens of other battery companies? The answer consistently came back to engineering. Customers valued the company's ability to design application-specific battery systems, work closely during integration and respond quickly when problems arose. Those capabilities create relationships that are significantly harder to replicate than manufacturing capacity alone.
This investment also reflects our broader philosophy at Malpani Ventures. We like founders who run businesses, not fundraising exercises. Founders who are thoughtful with capital, build patiently and earn the right to scale through execution. Darshan embodies many of those qualities, and we believe he is building the company with the right long-term mindset.
India's manufacturing ecosystem is entering an exciting phase, with increasing demand for specialised battery systems and electrification of batteries across robotics, defence and industrial automation. We believe Adiabatic is well positioned to participate in that growth, and we're excited to partner with Darshan and the team as they build the next chapter of the company.
We look forward to supporting them on that journey.