Manufacturing Startups To Watch: 5 Indian Manufacturing Startups That Caught Our Eye In February

India’s manufacturing renaissance is unfolding in real time. While global manufacturing output grew a modest 0.7% in Q3 2025, India recorded 1.3% growth in the same period, helped by a strong domestic and export demand, as well as China+1 supply chain shift.

Factory floors are humming louder each quarter as Indian manufacturers produce everything from batteries and chemicals to composites for indigenous jets and electric vehicles. 

As many as 7.47 Cr MSMEs and small startups form the industrial backbone of the country, delivering 35.4% of the total output, accounting for 48.6% of the exports, and employing 32.8 Cr people. 

But the biggest silver lining, as per Economic Survey 2025-26, is that medium- and high-technology industries now contribute 46.3% of India’s manufacturing value added. This signals a gradual shift towards more sophisticated production structures. 

This also places India among a smaller group of middle-income economies steadily advancing up the manufacturing value chain. On its part, the government, too, is also leaving no stone unturned to shift the country from a services-led economy to a product-led one. 

The Union Budget 2026 further paves this trajectory. From announcing India Semiconductor Mission 2.0 and rare earth corridors to container manufacturing and ₹10,000 Cr SME Growth Fund support, the economic blueprint recognised India’s need to push both frontier technologies and manufacturing-led scale. 

Startups are seizing this moment and tackling India’s manufacturing gaps with precision. These new-age tech companies are creating jobs and spurring exports, while building ground-breaking technologies at competitive prices. 

Having kept a hawk’s eye on India’s startup ecosystem for a decade now, we, at Inc42, realised that there was an innate need to shed light on budding startups that are breaking ground in India’s manufacturing arena. 

As part of this endeavour, we are introducing the first edition of Inc42’s “5 Manufacturing Startups To Watch”. 

For our maiden edition, we are spotlighting five manufacturing startups that are building products in sectors like defence tech, clean mobility, semiconductor packaging and electronics hardware. 

Editor’s Note: This list is not a ranking. It is a curated selection of manufacturing startups that have stood out to the Inc42 editorial team this month.

RF Nanocomposites | Developing Cutting-Edge Radar Absorber Materials

As India strengthens its defence manufacturing ecosystem under Atmanirbhar Bharat, materials innovation has become critical. Radar cross-section (RCS) reduction, stealth capability and electromagnetic interference (EMI) shielding are now central to modern military and aerospace systems.

Founded in 2021 by Vishal Kumar Chakradhary and incubated at IIT Kanpur and IIT Patna, RF Nanocomposites operates in the defence and advanced materials manufacturing sector.

Its specialised manufacturing stack includes radar absorber materials (RAMs) for drones, missiles, tanks, frigates and aircraft, and EMI shielding solutions for defence, space, telecom, medical devices, EVs and consumer electronics. The startup focuses on eco-friendly, high-performance nanocomposite materials engineered to meet stringent operational and regulatory standards.

It operates in the Advanced Nanocomposite EMI shielding materials for the defence, aerospace & telecommunications segment. India’s EMI shielding market reached $700 Mn in 2024 and is projected to grow to $1 by 2033. 

With defence indigenisation accelerating and semiconductor electronics becoming more sensitive to interference, EMI protection and stealth materials represent a high-barrier manufacturing niche closely aligned with national security priorities.

Gascomp Fueltech | Manufacturing Clean Gaseous Fuel Equipment   

India’s clean mobility transition is expanding beyond EVs into CNG, Bio-CNG, LNG and hydrogen ecosystems. Founded in July 2020 by Darshan Soni, Rushirajsinh Jadeja and Avirat Majmudar, Gascomp Fueltech operates in the clean energy and gaseous fuel equipment manufacturing sector. The company manufactures compressors and dispensing systems under the Make in India initiative.

Its core manufacturing capabilities include hydraulic booster compressors for CNG and bio-CNG, CNG dispensers and clean fuel infrastructure systems. Besides, it also manufactures hydrogen-ready equipment to support future mobility expansion.

With a 30,000 sq ft manufacturing facility in Vadodara capable of producing over 100 compressors annually, Gascomp is targeting City Gas Distribution (CGD) networks as well as industrial clean fuel adoption.

The company caters to the gas compressors and clean fuel equipment market. In 2024, this market was valued at $166.7 Mn and is projected to grow to around $226.2 Mn by 2033, reflecting a CAGR of approximately 3.5%. As India expands its gas grid infrastructure and explores hydrogen corridors, equipment manufacturers like Gascomp are positioned at the intersection of energy transition and industrial hardware scale-up.

RRP Electronics | Driving India’s Semiconductor Momentum With Scalable OSAT Infra 

Semiconductors remain central to India’s strategic manufacturing ambitions under Semiconductor Mission 2.0. Founded in 2024 by Rajendra Chodankar, RRP Electronics positions itself as Maharashtra’s first operational outsourced semiconductor assembly and test (OSAT) facility. The company operates in the semiconductor packaging and testing segment, strengthening India’s backend chip manufacturing capabilities.

Its key capabilities include ball grid array packaging for high-pin-count chips and thermal management solutions for high-performance applications. It also does assembly and testing services for telecom, automotive, EV, industrial, medical and advanced computing sectors.

By focusing on backend semiconductor manufacturing, RRP Electronics supports domestic ecosystem development without relying solely on wafer fabrication. As electronics demand rises across EVs, telecom networks and industrial automation, OSAT capacity is emerging as a strategic layer in India’s semiconductor value chain.

Globally, the OSAT market is expected to grow to $3.0 Bn by 2032 from $1.7 Bn in 2025. For India, strengthening OSAT capacity offers a faster and more capital-efficient path to semiconductor self-reliance compared to wafer fabrication.

Invariance Automation | Scaling Multi-Layer & Flexible PCB Manufacturing In India

Printed Circuit Boards (PCBs) form the backbone of every electronic device, from automotive systems to consumer hardware. Founded in 2020 by Arunava Karmakar and Chintu Gurbani, Invariance Automation operates in the PCB manufacturing and electronics assembly sector. The company provides fabrication and assembly services to engineers, startups and OEMs.

Its product & service stack includes single-sided, double-sided and multi-layer PCBs; flexible PCBs for compact and wearable devices, and testing and automated optical inspection.

Based out of Technopark@IIT Kanpur and recognised under Startup India and MSME schemes, the company focuses on fast-turnaround prototyping and small-to-mid-scale production.

As electronics localisation gathers pace under PLI schemes, PCB manufacturing startups play a critical role in reducing import dependence for core hardware components. 

The global PCB market is projected to grow to $25.48 Bn by 2034 from $7.26 Bn in 2025, highlighting the strategic importance of domestic PCB manufacturing as countries look to localise electronics supply chains.

ANFT | Tailored Lithography And Mask Writing Solutions

Semiconductor solutions continue to evolve rapidly, with constant improvements in energy efficiency, throughput and fab design. However, traditional lithography systems are approaching physical and performance limits. This is where Advanced Nano Fabrication Technologies (ANFT) steps in.

Founded by Angshuman Roy, Advanced Nano Fabrication Technologies (ANFT) operates in the semiconductor capital equipment and lithography technology space. The early stage venture is building next-generation mask writing and fabrication solutions.

Its technology stack comprises:

• Integrated Emission and Optics Array (IEOA) Writing Module
• Monolithic integration of the field emission array with the projection lens array
• 180 nA electron beam capability
• Sub-10 nm resolution output
• Reduced beam interaction for improved positional accuracy
• Enhanced efficiency and mitigation of stochastic defects

Headquartered in Ahmedabad, Gujarat, ANFT seeks to carve a place within India’s expanding semiconductor ecosystem by contributing to advanced fabrication and capital equipment innovation.

ANFT caters to the semiconductor manufacturing equipment market, which is projected to breach the $4.9 Bn mark by 2032.  

[Edited by: Shishir Parasher]

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