Why we invested in Endless Machines

Consider the components inside an EV charging station in India. The cabinet may be assembled locally, but the rectifier that turns grid power into the DC a battery can accept, the controller that talks to the vehicle and the power modules underneath are almost entirely imported, most of them from China. The same is true of the onboard chargers and inverters inside the vehicles. Endless Machines, founded in Bengaluru in 2026 by Vigneshwar Shankar and Jitendra Singh, is building that layer in India. We led its pre-seed round in August 2026.

The gap in the supply chain

India's electrification has been a supply-chain story from the beginning: cells first, then everything else. The Production Linked Incentive scheme for advanced chemistry cells, with an outlay of ₹18,100 crore for 50 gigawatt-hours, addresses the cell. Nothing comparable exists for power electronics, and the result is that a category the country cannot run its vehicles or its chargers without is today almost entirely imported.

Two developments made 2026 the right time to back a power-electronics company rather than another software layer on top of imported hardware. The first is geopolitics: the disruption to oil supply from West Asia pushed fuel prices up and EV interest with it, and it reminded every fleet operator that an imported drivetrain has its own supply risk. The second is demand: battery-swap operators, the heaviest users of rectifiers per rupee of revenue, raised large rounds in August and September 2026, and each new network is a buyer for the equipment Endless makes.

The product

Endless starts with a grid-resilient high-voltage rectifier. The Indian grid has voltage variation that the grids imported chargers were designed for do not, and the failure mode of a charger built for a stable grid is expensive downtime for a fleet that cannot afford it. A rectifier that rides through Indian conditions is a better product for the Indian buyer, not merely a cheaper one, and it is the first of a family: controllers, inverters and the modules underneath.

The team

The founding team pairs an engineer and an operator. Jitendra's work in power electronics spans Ather, Exponent and River, three of the companies that have shipped electric drivetrains and chargers in India at volume. Vigneshwar ran operations at Exponent Energy, an AdvantEdge company, and knows what it takes to build hardware that works in the field rather than on a bench. We have watched both of them work through Exponent.

What we are betting on

• That a domestically designed rectifier can match imported cost at Indian volumes while beating it on reliability, and that fleets and charging networks will pay for the difference.
• That domestic-content rules, already in force for grid storage, will extend to charging and vehicle power electronics.
• That the first product earns the qualification and customer relationships that let the next three sell faster.

Endless is the second company in our portfolio, after Exponent, that exists because a founder could not buy in India what the vehicle needed. We expect there to be more.