Deep-tech startup Chara Technologies has raised INR 52 crore (around $6 million) in a Series A funding round led by Arkam Ventures. Other investors in the round include Exfinity Venture Partners, Kalaari Capital and IIMA Ventures.
The company plans to use the money to build a special testing and validation facility in Bengaluru, which will increase their production capacity from 20,000 units to 100,000 units per year.
Some of the funds will also be used to launch new products, such as lighter, faster motors, bigger-capacity models, and industrial versions.
“Deep-tech, autonomy in energy systems, and manufacturing are key ingredients for a Viksit Bharat. At Chara, we are working diligently towards these goals. The infusion of capital will help us scale our product deployments, strengthen our manufacturing capability and invest in future products. Our goal is to build a deep-tech product company in India and deploy our products worldwide,” said Bhaktha Keshavachar, Founder & CEO, Chara Technologies.
“Chara, with its combination of proven technology and design to manufacturing capability, is well placed to fulfil the growing needs of Indian auto OEMs for power train solutions. Chara is the first Indian company that allows for end to end domestic sufficiency to enable the massive mission of EV adoption in India. They have achieved the most important milestone of a deeptech company – commercialising production and proving on-road performance of an IP-rich product, starting from in-house design. The fresh capital will allow Chara to deliver on the quality and reliable production requirements of large OEMs,” said Rahul Chandra, Managing Director, Arkam.
Founded in 2019 by Bhaktha Keshavachar, Mahalingam Koushik, and Ravi Prasad, Chara Technologies is based in Bengaluru.
The company develops rare-earth-free electric motors and controllers for various uses, including electric vehicles (on- and off-highway), industrial machinery, and agricultural equipment.
The company has designed a synchronous reluctance motor that does not use magnets, making its motors 15–20% cheaper and more environmentally friendly while still performing as well as permanent magnet synchronous motors (PMSMs).
These motors provide better vehicle range, lower energy losses, and a reduced total cost of ownership (TCO).
Chara Technologies has developed its own motor control systems, power electronics, and software that work together as a complete powertrain solution. This system offers high efficiency and can be adapted for many different uses.
Earlier, in January 2023, the company raised $4.75 million in a pre-Series A funding round. The round was led by Exfinity Venture Partners and also included investors like Big Capital (Vietnam), Log9 Materials, Kalaari Capital, and CIIE.CO.
Read more- AI startup Optimaze raises $3 million pre-seed funding
