Zerodha’s Rainmatter, founders, angel investors invests $3 million in EV startup Naxatra Labs

Electric vehicle and industrial motor startup Naxatra Labs has raised $3 million in a pre-Series A funding round led by Rainmatter, the venture investment arm of Zerodha, as the startuo views to scale manufacturing and deepen its product portfolio in a quick-growing electric motor market.

The round also saw participation from a group of founders, operators and angel investors, including Mohit Tandon of Delhivery, Himanshu Aggarwal of Aspiring Minds, Vijay Shekhar Sharma of Paytm, Aloke Bajpai of Ixigo, Anupam Jalote of iCEM, Narayan of Ather Energy, Soumitra Sharma of Operators Studio, and Hemant Daga of Neo Assets, among others.

Founded by Piyush Verma, Abhilash Maurya and Arnav Biswas, Naxatra Labs designs and manufactures high-efficiency electric motors for electric vehicle and industrial applications. The startup develops motors conclude to conclude, spanning electromagnetic design, validation and manufacturing.

Over the past four years, it has built a proprietary R&D stack and shiftd multiple products from lab-stage development to commercial production.

The startup will apply the capital to accelerate the development of new motor platforms, expand the engineering and operations team, scale manufacturing capacity, and strengthen its international presence. It also plans to increase production capacity to around 50,000 motors per month over time.

Abhilash Maurya, co-founder of Naxatra Labs, stated the electric motor market is seeing strong tailwinds from rapid electrification, rising demand for efficient motors, and India’s emergence as a global manufacturing alternative. “Naxatra has successfully taken multiple products from R&D to production, and this funding will enable us to accelerate the development of new product lines, expand our team across the organisation, and increase our production capacity to 50,000 motors per month,” he stated.

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