Bengaluru-based Nysha Mobility Snags $3.5 M In Seed Funding Round

Nysha Mobility Tech (NMT), a Bengaluru-based electric car components startup, has raised USD 3.5 million (Rs 29 crore) in its seed funding round, which includes a mix of stock and debt. Among the primary investors were Touchstone Ventures, Panthera Peak Capital, and a number of family offices and angel investors.

NMT has already onboarded over 40 customers, including Pranav Vikas, Sun Mobility, Ola Electric, IGOWISE, and Virya Mobility, and is focused on developing technologies to optimise the production process, R&D of EV components, and the use of IoT and AI in manufacturing. Furthermore, it plans to have over 100 clients by 2023.

On April 10, the company opened its first production plant in Nelamangala, Karnataka, to produce cables and harnesses for use in battery packs, charging and battery swapping infrastructures, and automobiles.

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 dedicated the factory. 

The EV industry in India is expanding at an exponential rate, with sales exceeding the million-unit mark for the first time in 2022. Nysha Mobility, in a statement, said that it will expand its product portfolio in Phase 2 to include charging connectors, charging guns, and charging stations in order to cater to the increasing electric mobility market.