Bengaluru-based Nysha Mobility Tech Raises $3.5 Mn Seed Funding
Nysha Mobility Tech (NMT), a Bengaluru-based electric car components startup, has raised $3.5 million (Rs 29 crore) in its seed funding round, which includes a mix of stock and debt.
The funding round saw participation from Touchstone Ventures, Panthera Peak Capital, and a number of family offices and angel investors.
As per the startup, the freshly raised funds will be used for technology development to optimise manufacturing processes, research and development of EV components, and use of Internet of Things (IoT) and artificial intelligence in manufacturing, besides allocating capital expenditure.
Nysha Mobility Tech | Electric Car Components Startup
Founded by Siddharth Jain in April 2022, Nysha Mobility Tech manufactures various types of components, interconnects, wires & cables for Automotive (including EV vehicles), Telecom, Defence, Industrial and various other industries.
Speaking about the development, Siddharth Jain, Founder and CEO of NMT, said,
“While the automotive industry is undergoing a rapid global transformation, the supply chain has not been able to keep up to its pace. The burgeoning landscape of OEMs and upcoming startups need state-of-the-art EV components to meet market needs speedily and effectively. At Nysha, we are addressing the supply chain axis with our unique and agile solutions and engineering capabilities.”
Nysha Mobility Tech is focused on developing technologies to optimise the production process, R&D of EV components, and the use of IoT and AI in manufacturing.
On April 10, NMT inaugurated its first manufacturing facility located in Nelamangala, Karnataka. The factory was inaugurated by Sandeep Maini (Chairman, Maini Group); Nikhil Bhandarkar (Founder, Panthera Peak Capital); Chetan Maini (Co-Founder and Chairman, Sun Mobility); and K Srinivas (Executive Director – Pranav Vikas).
The factory will manufacture cables and harnesses that will be used across battery packs, charging and battery-swapping infrastructures, and vehicles.
Commenting on the development, 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.”
The Bengaluru-based startup has already onboarded over 40 customers, including Sun Mobility, Ola Electric, Pranav Vikas, IGOWISE, and Virya Mobility. It plans to have over 100 clients by 2023.
Earlier in March 2023, ElectricPe, a Bengaluru-based EV charging aggregation platform, closed a pre-Series A funding round of $5 million. In February 2023, Turno, a commercial electric vehicle startup, raised Series A funding of $13.8 million (around Rs 112 crore), co-led by global venture capital firms B Capital and Quona Capital.
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