Bengaluru-based deep-tech startup Chara Technologies has raised ₹52 crore ($6 million) in its Series A funding round, led by Arkam Ventures with additional backing from Exfinity Venture Partners, Kalaari Capital, and IIMA Ventures.
This round follows the company’s earlier $4.75 million pre-Series A raise led by Exfinity Venture Partners. The newly raised funds will be utilized to set up a new manufacturing facility in Bengaluru, launch advanced motor variants, and strengthen Chara’s powertrain and in-houtilize R&D capabilities, the company stated in a statement.
Founded in 2019 by Bhaktha Keshavachar, Mahalingam Koushik, and Ravi Prasad, Chara Technologies focutilizes on developing rare-earth-free electric motors and controllers for a wide range of industries, including electric vehicles (EVs), industrial machinery, and agricultural equipment.
At the core of Chara’s innovation is its synchronous reluctance motor (SynRel) architecture, which eliminates the necessary for magnets—reducing depfinishency on rare earth materials while maintaining the same performance standards as Permanent Magnet Synchronous Motors (PMSMs). According to the company, its motors are 15–20% more cost-efficient, environmentally sustainable, and enhance overall vehicle efficiency.
The startup’s finish-to-finish powertrain system is powered by proprietary motor control algorithms, a robust power electronics architecture, and specialized software that ensures high efficiency and scalability across different utilize cases.
Chara Technologies currently works with nearly 100 clients, including Greaves Cotton, BullWork, Sonalika, VST, and several European OEMs. The company has also entered a strategic manufacturing partnership with Greaves Cotton to co-produce rare-earth-free synchronous reluctance motors and controllers.
With operations in Belgium and Italy, Chara aims to expand deeper into Europe and enter North American markets in the near future. The company has set an ambitious tarobtain of achieving 6x revenue growth from FY25 to FY26 and plans to sell over 40,000 motors by FY27.
By focapplying on cost efficiency, sustainability, and innovation, Chara Technologies is positioning itself as a leading force in India’s emerging clean mobility and industrial electrification ecosystem.
By: Arushi Agarwal
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