Deeptech startup Chara Technologies has raised $4.75 million in a funding round led by Exfinity Venture Partners, according to ETtech report.
Big Capital, the venture arm of Bitexco and Log9 Materials, as well as returning investors Kalaari Capital and ciie.co also participated in the round.
Founded in November 2019 by Keshavachar, Ravi Prasad Sharma, and Mahalingam Koushik, Chara Tech has built motors for use in two-wheeler, three and four-wheeler light commercial vehicles and in the heating, ventilation and air conditioning (HVAC) sector.
“To build Switched Reluctance Motor (SRM) or hybrid version of SRM motors, an interdisciplinary team with backgrounds in electro-mechanical, power electronics and software domains is a must… Chara Motors is also a great example for Atmanirbhar Bharat as it delinks the permanent magnet supply chain dependency from China and other countries,” said Chinnu Senthilkumar, managing partner at Exfinity.
Senthilkumar said the electric vehicles story for South Asia and similar markets has to be contextualized and not replicated from the United States and European markets.
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