ILJIN Electronics raises ₹1,200 crore from ChrysCapital & InCred PE to expand EMS operations, boost self-reliance, and scale India’s electronics manufacturing sector.
Have you noticed how every smartphone, smart TV, or even EV charger you use depends on a complex ecosystem of electronic components? Behind the scenes, companies like ILJIN Electronics quietly power this revolution.
And now, ILJIN is making headlines — the company just raised ₹1,200 crore in strategic funding, its first-ever institutional capital round. The deal, led by ChrysCapital and InCred PE, is not just another big-ticket investment; it signals a powerful shift in India’s electronics manufacturing story and the country’s broader “Aatmanirbhar Bharat” vision.
But what does this really mean for the future of electronics manufacturing services (EMS) in India? How will it impact industries like consumer durables, EVs, renewable energy, and defence? And most importantly — what can Indian businesses and professionals learn from ILJIN’s growth story?
Let’s dive in.
The Big News: ILJIN Raises ₹1,200 Crore
ILJIN Electronics India Pvt Ltd, a key subsidiary of Amber Group, has raised ₹1,200 crore through a mix of equity and compulsory convertible preference shares.
- Lead Investor: ChrysCapital – ₹1,100 crore
- Co-investor: InCred Growth Partners Fund I – ₹100 crore
This marks ILJIN’s first-ever external institutional funding, showing strong investor confidence in India’s EMS growth potential.
The money will be used to:
- Expand and modernize manufacturing capacity
- Strengthen R&D and technology capabilities
- Pursue strategic acquisitions in high-barrier segments
- Scale exports and domestic supply for high-growth sectors like EVs, renewable energy, aerospace, and defence
📌 Key Fact: In FY25, ILJIN clocked revenues of ₹2,194 crore with an EBITDA of ₹151 crore, growing at a CAGR of 52% since FY22.
Why Investors Are Betting Big on ILJIN
India’s EMS Boom
The EMS industry is no longer just about assembling gadgets. It now powers everything from solar inverters and EV chargers to aerospace systems. According to industry estimates, India’s EMS market is projected to cross $100 billion by 2026, fueled by:
- PLI (Production Linked Incentive) schemes for electronics
- ECMS (Electronics Components Manufacturing Scheme) backing local production
- Rising demand for electric mobility and clean energy solutions
- Global supply chain diversification away from China
ILJIN is positioned right at the intersection of these trends.
Backward Integration & Diversification
ILJIN isn’t just assembling PCBs. It manufactures:
- Bare Printed Circuit Boards (PCBs)
- PCB assemblies
- Box-build solutions (smart watches, routers, UPS, EV chargers)
- Battery energy storage systems (BESS)
This end-to-end solutions approach makes ILJIN a partner of choice for global and Indian brands.
Amber Group’s Track Record
ILJIN’s parent company, Amber Enterprises, is a leader in contract manufacturing for consumer durables and electronics. Amber has a history of:
- Scaling capacity rapidly
- Acquiring niche players like Power-One Micro Systems (EV charging & storage solutions)
- Entering advanced technology JVs, e.g., with Korea Circuits for multilayer and HDI PCBs
For investors like ChrysCapital, this proven growth playbook adds credibility to ILJIN’s expansion journey.
How This Funding Aligns with “Aatmanirbhar Bharat”
The Indian government has been pushing hard for self-reliance in electronics. Why? Because India currently imports a majority of its semiconductors, PCBs, and electronic components.
ILJIN’s fundraise directly supports this vision:
- Local Manufacturing: Expanding domestic PCB capacity reduces import dependence.
- High-tech Segments: Moving into HDI/flex PCBs and semiconductor substrates through joint ventures.
- Green Tech: Boosting solar inverters, EV charging, and battery storage systems, aligned with India’s clean energy mission.
- Defence & Aerospace: Contributing to national security through indigenous production.
💡 Analogy: Think of ILJIN as a batsman who can play across formats — T20 (fast-growing consumer durables), Test (defence, aerospace), and ODI (EV & renewables). This versatility is exactly what India needs in its electronics lineup.
Market Reaction: Amber Enterprises Stock Performance
Following the announcement, shares of Amber Enterprises India Ltd saw a positive move:
- Intraday high at ₹7,889.8 on BSE
- Up ~1.3% from the previous close
- Delivered 65% returns in one year
Investors clearly view the ILJIN deal as a long-term growth catalyst for Amber’s consolidated portfolio.
Key Growth Drivers for ILJIN in the Next 5 Years
- Consumer Electronics Demand
- India’s middle class is spending more on smart devices and appliances.
- ILJIN’s PCB & box-build solutions fuel this demand.
- EV & Clean Energy Transition
- Entry into EV charging solutions and BESS puts ILJIN in a sunrise sector.
- Government subsidies on EV adoption will accelerate demand.
- Defence & Aerospace Manufacturing
- With “Make in India for Defence,” local sourcing of PCBs and systems will increase.
- Global Export Opportunities
- As global firms de-risk from China, India emerges as a manufacturing hub.
- Strategic Acquisitions
- Past moves (Power-One, Unitronics) suggest ILJIN will continue to expand into high-barrier, high-margin businesses.
📌 Key Takeaway: ILJIN is not just expanding; it’s positioning itself as a multi-industry electronics backbone for India and beyond.
Lessons for Indian Businesses from ILJIN’s Growth
ILJIN’s journey holds valuable lessons:
- Be a Specialist First, Generalist Later
ILJIN built expertise in PCBs before branching into energy storage and EVs. - Align with Policy Tailwinds
Leveraging PLI and ECMS schemes gave it cost and credibility advantages. - Scale with Strategy, Not Just Speed
Its acquisitions are targeted — each opening doors to high-tech, high-demand markets. - Investor Partnerships Matter
Strategic investors don’t just bring money; they bring networks, governance, and growth discipline.
💡 Business Analogy: Just like a startup founder who first masters one city before going national, ILJIN perfected its core before diversifying into sunrise industries.
What You Should Remember
- ILJIN Electronics just raised ₹1,200 crore in its first institutional funding round.
- Led by ChrysCapital and InCred PE, the money will scale capacity, technology, and acquisitions.
- This move strengthens India’s self-reliance in electronics manufacturing under PLI & ECMS.
- With strong revenue growth (52% CAGR), ILJIN is emerging as a top EMS player in India.
- For Indian businesses, the story underscores the importance of policy alignment, strategic expansion, and investor partnerships.
What does ILJIN Electronics do?
ILJIN manufactures PCBs, PCB assemblies, and energy storage/EV solutions across multiple industries.
Why is ILJIN’s funding important for India?
It boosts India’s self-reliance in electronics, EV, and clean energy sectors.
How will ILJIN use the ₹1,200 crore funds?
To expand manufacturing, enhance technology, and pursue strategic acquisitions.
What is ILJIN’s revenue growth?
ILJIN reported ₹2,194 crore revenue in FY25, growing at a 52% CAGR since FY22.
Who invested in ILJIN’s latest funding round?
ChrysCapital invested ₹1,100 crore and InCred PE invested ₹100 crore.