Naxatra Labs Secures Seed Funding from Leading Investors to Drive EV Motor Innovation
- ByStartupStory | December 24, 2024
Naxatra Labs, an electric vehicle (EV) motor technology startup, announced on Monday that it has raised an undisclosed amount in a seed funding round. The round was led by GVFL, Delhivery founder Mohit Tandon, and Aspiring Minds founder Himanshu Aggarwal. Other prominent investors include Nithin Kamath’s Rainmatter Foundation, Paytm’s Vijay Shekhar Sharma, Ixigo co-founders Aloke Bajpai and Rajnish Kumar, and Ather Energy’s Narayan, among others.
India’s EV sector is experiencing rapid growth, and Naxatra Labs is positioned to lead the charge in motor technology tailored to Indian conditions. Commenting on the funding, Mohit Tandon said, “India is making extraordinary strides in EV adoption. With favourable govt initiatives – Naxatra is ripe to take the lead in building India’s leading motor technology company built for Indian conditions. The team has demonstrated superior execution in technology development and these funds will help them continue to innovate and establish production capacity to serve the growing demand.”
The startup plans to utilise the funds to expand its team in research and development (R&D) and production. Speaking on the development, Abhilash Maurya, CEO and Co-founder of Naxatra Labs, said, “We are thrilled to welcome all value-adding investors to Naxatra Labs. This infusion of capital and insight from such experienced partners will catalyse our vision of transforming the Indian deeptech scenario with homegrown technology and mass production capacity.”
Naxatra Labs is also witnessing growing interest from international markets. The company has initiated the process of certifying its products to meet global standards. Founded in 2020 by Abhilash Maurya, Arnav Biswas, and Piyush Verma, Naxatra Labs specialises in axial flux motors for electric two-wheelers and three-wheelers, offering customised powertrain solutions.
The funding comes at a time of significant capital inflow into the EV ecosystem in India. Regulatory support and rising demand for electric vehicles, particularly in the two-wheeler and three-wheeler segment, have created a favourable environment for innovation. According to Mordor Intelligence, the EV motor market is currently valued at $4.80 billion and is expected to grow at a compound annual growth rate (CAGR) of 28.63% from 2024 to 2029.
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