Chara raises $6M to boost rare-earth-free motor manufacturing
The Indian company is planning to establish a new factory in Bengaluru along with a dedicated testing and validation facility. The expansion is expected to increase Chara’s annual production capacity from 20,000 to 100,000 units.
Chara Technologies, a Bengaluru-based company developing rare-earth-free motors and controllers, has raised nearly USD 6 million in Series A funding led by Arkam Ventures, with participation from Exfinity Venture Partners, Kalaari Capital and IIMA Ventures.
The company is planning to establish a new factory in Bengaluru along with a dedicated testing and validation facility. The expansion is expected to increase Chara’s annual production capacity from 20,000 to 100,000 units, according to a report by Hindu Business Line.
It is also launching new product lines such as lighter, higher-speed motors.
“The infusion of capital will help us scale our product deployments, strengthen our manufacturing capability and invest in future products,” said Bhaktha Keshavachar, Founder & CEO, Chara Technologies. “Our goal is to build a deep-tech product company in India and deploy our products worldwide.”
“As more players enter the space, Chara remains committed to advancing the technology, scaling deployment, and continuing its leadership in building sustainable, high-performance motor systems that redefine what is possible without the dependence on rare-earths.” Said Mahalingam Koushik, CoFounder and CTO, Chara.
“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,” said Rahul Chandra, Managing Director, Arkam, according to a report by EV Reporter. “Chara is the first Indian company that allows for end-to-end domestic sufficiency to enable the massive mission of EV adoption in India.”
