Bengaluru-based deep-tech startup Chara Technologies, known for developing rare-earth-free electric motors and controllers, has raised ₹52 crore ($6 million) in a Series A funding round led by Arkam Ventures, with participation from Exfinity Venture Partners, Kalaari Capital, and IIMA Ventures.
This follows Chara’s earlier $4.75 million pre-Series A round, also led by Exfinity. The company plans to utilise the new capital to set up a manufacturing facility in Bengaluru, launch advanced motor variants, and strengthen its in-house powertrain technologies.
Founded in 2019 by Bhaktha Keshavachar, Mahalingam Koushik, and Ravi Prasad, Chara Technologies is pioneering the development of sustainable, magnet-free powertrain solutions for electric vehicles (EVs), industrial machinery, and agricultural equipment. The company’s synchronous reluctance architecture eliminates the use of rare-earth magnets — making its motors 15–20% more cost-effective and environmentally friendly, while matching the performance of conventional Permanent Magnet Synchronous Motors (PMSMs).
Chara’s proprietary control algorithms, power electronics design, and software architecture enable an integrated powertrain system offering higher efficiency, scalability, and reduced total cost of ownership. The company currently serves nearly 100 customers, including Greaves Cotton, BullWork, Sonalika, and VST, and has entered into a strategic partnership with Greaves Cotton to co-manufacture rare-earth-free synchronous motors and controllers.
With established footprints in Belgium and Italy, Chara is now eyeing expansion into North America and broader European markets. The company is targeting a 6x revenue growth between FY25 and FY26 and aims to sell over 40,000 motors by FY27.
By replacing magnet-dependent technologies with indigenous innovation, Chara Technologies is positioning itself as a key enabler in India’s electric mobility and clean manufacturing ecosystem.
Keep building. Keep learning. Keep growing with StartupByDoc.