The electric vehicle (EV) startup Nysha Mobility Tech (NMT), which is based in Bengaluru and aims to change the EV manufacturing ecosystem, has raised US$3.5 million in its seed funding round. Touchstone Ventures, Panthera Peak Capital, and a few family offices and angel investors participated in the seed round, which consisted of equity and debt.
The company wants to solve problems that manufacturers in the ecosystem have to deal with right now, like dealing with extreme weather and high current requirements in a small space, which would make it hard for cars to bend and cause vibrations.
The funds will be put toward developing technologies to improve the manufacturing process, research and development of EV components, and the application of IoT and AI in manufacturing. Pranav Vikas, SUN Mobility, Ola Electric, IGOWISE, and Virya Mobility are among the company’s more than 40 current clients. In 2023, NMT intends to onboard more than 100 customers.
NMT also held a celebration on Monday to mark the opening of its first manufacturing facility, which is in Nelamangala, Karnataka. This facility will produce cables and harnesses that will be used in vehicles, charging and battery swapping infrastructures, and battery packs.
“At Nysha, we are addressing the supply chain axis with our unique and agile solutions and engineering capabilities,” stated Siddharth Jain, founder and CEO of NMT. We have experienced consistent success in this endeavour, with an increase in our customer base and OEMs and startups considering us their “design to delivery” partner. They are increasingly relying on us to launch products quickly and without concern for stock.
“The structure of global supply chains is changing, and India finds itself as the primary beneficiary of this shift,” stated Nikhil Bhandarkar, founder of Panthera Peak Capital. We believe that Nysha is uniquely positioned to profit from this shift and establish itself as a market leader in the EV component sector. The company’s upcoming years will be exciting thanks to its current client pipeline and proprietary technology and research and development.
The business currently has BIS, UL, TUV, and ARAI certifications for its products, as well as ISO 9001 and IATF compliance certifications.
