The Bengaluru-based startup secures ₹ 520 million to boost local production of magnet-free motors, expand capacity, and domestic EV supply chains.
Rare-earth-free EV motor startup, Chara Technologies, raises ₹ 520 million in a Series A round led by Arkam Ventures, with participation from Exfinity Venture Partners, Kalaari Capital, and IIMA Ventures. The funding will be used to expand production capacity, build a new factory in Bengaluru, and accelerate product development.
Founded in 2019, Chara develops electric motors that use rare-earth-free magnets. Its technology is based on a synchronous reluctance motor design, maintaining comparable performance for electric vehicles and industrial applications.
The motor’s control systems, algorithms, and power electronics are developed in-house, and its products are designed, engineered, and manufactured entirely in India.
The company plans to expand its manufacturing capacity through a new facility in Bengaluru and develop new product lines targeting two-wheelers, three-wheelers, and industrial vehicles. Chara’s focus is on increasing production efficiency and scaling output to meet growing demand for localised electric powertrain systems.
They have filed for nine patents, with one patent granted. It develops efficient motors for two-wheelers, three-wheelers, and four-wheelers as well as off-highway applications, including agricultural and industrial equipment.
Chara has a manufacturing partnership with Greaves Cotton to produce synchronous reluctance motors and controllers at Greaves’ Aurangabad facility. The collaboration is part of a strategy to build a domestic supply chain for EV components and reduce import dependence.
The company has received investment from multiple deep-tech focused funds and operates as a B2B supplier to vehicle manufacturers and component makers. It also maintains offices in Belgium and Italy to support international customers.
