Bengaluru-based deep-tech startup Chara Technologies has raised ₹52 crore in a Series A funding round, marking a significant step in the growth of the company and the Indian electric mobility sector. The round was led by Arkam Ventures, with participation from Exfinity Venture Partners, Kalaari Capital, and IIMA Ventures. The fresh capital will help the startup scale production, develop new motor models, and expand into international markets.
Pioneering Rare-Earth-Free Motors
Founded in 2019 by Bhaktha Keshavachar, Mahalingam Koushik, and Ravi Prasad, Chara Technologies specializes in designing electric motors and controllers that do not rely on rare-earth metals. Unlike traditional motors, these rare-earth-free motors are more cost-effective, sustainable, and reliable. The company’s innovative approach addresses both environmental concerns and supply chain challenges, making its technology attractive to industrial clients and mobility companies alike.
Expanding Production Capabilities
Chara Technologies plans to use the funds to establish a state-of-the-art manufacturing facility and testing center in Bengaluru. This expansion will increase production capacity from 20,000 to 100,000 units annually, a fivefold growth. The company is also developing new motor variants that are lighter, faster, and suitable for a broader range of applications. By focusing on both quantity and quality, Chara aims to meet growing domestic and global demand for efficient electric motors.
Global Growth Ambitions
While the company already has a presence in Belgium and Italy, it is now eyeing North America and deeper expansion into Europe. Chara Technologies aims to achieve a six-fold increase in revenue between FY25 and FY26 and sell 40,000 motors by FY27. Its international strategy reflects a long-term vision to become a key player in the global electric mobility and industrial motor markets. By combining innovation with a clear growth plan, the startup is positioning itself for significant global impact.
Driving Sustainability in Electric Mobility
Sustainability is at the heart of Chara Technologies’ mission. By eliminating the use of rare-earth metals, the company reduces environmental impact while lowering production costs. This combination makes its products appealing to manufacturers who want high performance without compromising on sustainability. With strong investor support and a clear roadmap for growth, Chara Technologies is set to play a leading role in shaping the future of electric motors and sustainable mobility solutions. The startup exemplifies how innovation and eco-conscious design can transform industries and create lasting impact.