Highlights
Naxatra Labs Secures Seed Funding to Propel Electric Vehicle Innovations
Naxatra Labs announced on Monday that it has successfully raised an undisclosed sum in a seed funding round, spearheaded by GVFL, along with notable figures such as Delhivery founder Mohit Tandon and Aspiring Minds founder Himanshu Aggarwal. The fundraising round also attracted support from significant investors including Nithin Kamath’s Rainmatter Foundation, Paytm’s Vijay Shekhar Sharma, Ixigo co-founders Aloke Bajpai and Rajnish Kumar, and Narayan from Ather Energy, among others.
Indian Electric Vehicle Market Growth
“India is witnessing remarkable progress in the adoption of electric vehicles. With supportive government initiatives, Naxatra is well-positioned to emerge as the premier motor technology firm tailored for Indian conditions. The team has demonstrated exceptional capability in technology advancement, and these funds will enable them to keep innovating and increase production capacity to meet the escalating demand,” stated Tandon.
Utilisation of Funds
The electric vehicle motor technology startup plans to utilise the newly acquired funds to enhance its workforce in both research and development (R&D) and production.
Abhilash Maurya, CEO and Co-founder of Naxatra Labs, expressed his enthusiasm, saying, “We are excited to welcome all value-adding investors to Naxatra Labs. This injection of capital and insights from such seasoned partners will accelerate our vision of revolutionising the Indian deep-tech landscape with indigenous technology and large-scale production capability.”
International Interest and Standards Certification
The company has reported a surge in international interest for its products, prompting it to initiate the process of obtaining certifications for its offerings to comply with global standards.
Company Overview
Naxatra Labs was founded in 2020 by a team comprising Abhilash Maurya, Arnav Biswas, and Piyush Verma. The company specializes in developing axial flux motors for electric two-wheelers and three-wheelers, providing tailored powertrain solutions.
Electric Vehicle Ecosystem Landscape
This funding announcement coincides with a notable increase in capital influx within the electric vehicle sector. Favourable regulatory frameworks and the rising demand for electric vehicles—especially in the two-wheeler and three-wheeler categories—are creating a positive market environment for companies like Naxatra Labs.
According to market research firm Mordor Intelligence, the value of electric motors within the EV market currently stands at $4.80 billion, with projections indicating a compound annual growth rate of 28.63% between 2024 and 2029.
