PE-VC Fund Investments
Rare-earth free motor maker Chara Technologies raises Rs.52-Cr led by Arkam Ventures
Bengaluru-based rare-earth-free motor maker Chara Technologies has raised INR 52 crore in a Series A funding round led by Arkam Ventures. The round also saw participation from Exfinity Venture Partners, Kalaari Capital, and IIMA Ventures.Founded in 2019 by Bhaktha Keshavachar, Ravi Prasad and Mahalingam Koushik, Chara develops rare-earth-free electric motors and controllers for various applications, including electric vehicles, industries, and agricultural equipment.The new funds will be used to set up a testing and validation facility in Bengaluru, which is expected to increase the firm’s production capacity from 20,000 to 100,000 units annually. A portion of the funds will also be used to launch new product lines, including lighter, higher-speed motors, larger-capacity variants, and industrial models. The firm, which currently has operations in Belgium and Italy, will also target North America and a deeper presence in Europe.
Between Mar 2021 and Jan 2023, Chara had attracted about USD 6 M from Big Capital, Exfinity Fund, Kalaari Capital and others.For FY24, Chara had reported about INR 0.01 Cr in Operating Income and about INR 12 Cr in Net Loss.
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