Chara Technologies Raises INR 52 Cr to Expand Rare-Earth-Free Motor Production The Series A funding round was led by Arkam Ventures, with participation from Exfinity Venture Partners, Kalaari Capital, and IIMA Ventures.
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Bengaluru-based deep-tech company Chara Technologies has secured INR 52 crore (approx. USD 6 million) in a Series A funding round led by Arkam Ventures, with participation from Exfinity Venture Partners, Kalaari Capital, and IIMA Ventures.
The company, which focuses on developing rare-earth-free motors and controllers, aims to use the new funds to establish a factory in Bengaluru, launch advanced motor variants, and strengthen its powertrain and in-house technology capabilities.
Founded in 2019 by Bhaktha Keshavachar, Mahalingam Koushik, and Ravi Prasad, Chara Technologies designs and manufactures electric motors for electric vehicles, industrial systems, and agricultural equipment.
Earlier, the company had raised USD 4.75 million in a pre-Series A round led by Exfinity Venture Partners.
Chara has developed a synchronous reluctance motor architecture that eliminates magnets, making its motors 15 to 20 percent more cost-effective and environmentally sustainable compared to conventional permanent magnet synchronous motors. The motors are designed to improve vehicle range, reduce energy losses, and lower total ownership costs.
Its proprietary motor control algorithms, power electronics, and software platform form the backbone of a scalable and efficient powertrain system. The company claims to serve nearly 100 customers, including Greaves Cotton, BullWork, Sonalika, and VST, along with several European original equipment manufacturers (OEMs). Chara has also entered a strategic partnership with Greaves Cotton to co-manufacture rare-earth-free synchronous reluctance motors and controllers.
With offices in Belgium and Italy, Chara plans to expand into North America and deepen its European presence. It is targeting six-fold revenue growth from FY25 to FY26, with a goal of selling 40,000 motors by FY27.
