Nysha Mobility Tech (NMT), a Bengaluru-based electric vehicle (EV) startup that aims to transform the EV manufacturing ecosystem, has raised US$3.5 million in its seed funding round. A combination of equity and debt, the seed round saw participation from Touchstone Ventures, Panthera Peak Capital, and select family offices and angel investors.
The company aims to address challenges currently faced by manufacturers in the ecosystem, such as combating extreme weather conditions, and high current requirements in conjunction with minimal space, which would lead to a tight bending radius and vibrations in vehicles.
In addition to capital expenditure, the funds will be used towards developing technologies to optimise the manufacturing process, the R&D of EV components, and the use of IoT and AI in manufacturing. Currently, the company has onboarded over 40 customers, including Pranav Vikas, SUN Mobility, Ola Electric, IGOWISE, and Virya Mobility. NMT targets onboarding over 100 customers in 2023.
On Monday, NMT also celebrated the inauguration of its first manufacturing facility, located in Nelamangala, Karnataka, to manufacture cables and harnesses that will be used across battery packs, charging and battery swapping infrastructures, and vehicles.
Siddharth Jain, Founder and CEO of NMT, said, “ At Nysha, we are addressing the supply chain axis with our unique and agile solutions and engineering capabilities. We have witnessed steady success in this endeavour, with growth in our customer base and OEMs and startups considering us as their partner from ‘design to delivery’. They are increasingly relying on us to launch products in a short span of time without worrying about inventory.”
Nikhil Bhandarkar, Founder of Panthera Peak Capital, said, “The structure of global supply chains is changing, and India finds itself as the primary beneficiary of this shift. We believe Nysha is uniquely positioning itself to take advantage of this change and become a market leader in the EV component space. With the current pipeline of clients and Nysha’s R&D and proprietary technology, the coming years for the company will be exciting.”
The company is ISO 9001 certified and IATF compliant, and is in the process of receiving BIS, UL, TUV and ARAI certifications for its products.