Bengaluru EV components start-up, Nysha Mobility Tech (NMT) has received $3.5 million (Rs 29 crore) in its seed funding round, which includes a combination of equity and debt.
Touchstone Ventures, Panthera Peak Capital, and select family offices and angel investors were among the key investors.
What’s interesting to note is that NMT which is working on developing technology to optimize the manufacturing process, R&D of EV components, as well as the use of IoT and AI in manufacturing has already onboarded over 40 customers including Pranav Vikas, Sun Mobility, Ola Electric, IGOWISE and Virya Mobility among others. It targets to onboard over 100 customers in 2023.
On April 10, the start-up inaugurated 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.
The factory was inaugurated by Sandeep Maini, Chairman, Maini Group; Chetan Maini, Co-Founder and Chairman, Sun Mobility; Nikhil Bhandarkar, Founder, Panthera Peak Capital and K Srinivas, Executive Director – Pranav Vikas.
Siddharth Jain, Founder and CEO, 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 start-ups 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.”
Nikhil Bhandarkar 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.”
Sandeep Maini said, “In a rapidly evolving industry like this, it is crucial to assess your product and offerings to ensure its continued relevance for the present and future. As several players enter the EV field amidst the ongoing supply chain challenges, the time is ripe for more localized component manufacturers to disrupt the market.
The EV market in India is growing exponentially year-on-year, with sales surpassing the million-unit milestone for the first time in 2022. With the scope to cater to a growing electric mobility industry, Nysha Mobility will also be expanding its product line in Phase 2 to include charging connectors, charging guns, and charging stations.
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