Chara Technologies: Leading Innovation in Powertrain Solutions
Chara Technologies, a pioneering company in deep-tech powertrain solutions specializing in rare-earth-free motors and controllers, has secured Rs 52 crore (approximately $6 million) in a Series A funding round. This round was spearheaded by Arkam Ventures, with additional contributions from Exfinity Venture Partners, Kalaari Capital, and IIMA Ventures.
Based in Bengaluru, the company had previously garnered $4.75 million during its pre-Series A funding round, also led by Exfinity Venture Partners. The newly acquired funds will facilitate the establishment ofa new factory in Bengaluru, enable the launch of advanced motor variants, and bolster its powertrain and in-house technology capabilities, as stated by Chara Technologies in a recent press release.
About Chara Technologies
Founded in 2019 by Bhaktha Keshavachar, Mahalingam Koushik, and Ravi Prasad, Chara Technologies focuses on developing rare-earth-free electric motors and controllers tailored for a range of applications, including electric vehicles, industrial uses, and agricultural equipment.
Innovative Motor Technology
Chara Technologies has created a synchronous reluctance architecture that entirely eliminates the need for magnets, resulting in motors that are 15-20% more cost-effective. This innovation significantly enhances sustainability without compromising the performance of Permanent Magnet Synchronous Motors (PMSMs). The company’s products offer better vehicle range, reduced energy losses, and a lower Total Cost of Ownership (TCO).
Comprehensive Powertrain System
The company’s proprietary motor control algorithms, power electronics architecture, and integrated software form a comprehensive powertrain system that promotes high efficiency and scalability across various applications. Currently, Chara Technologies serves nearly 100 customers, including notable names such as Greaves Cotton, BullWork, Sonalika, VST, and various European OEMs.
Strategic Partnerships and Future Plans
In collaboration with Greaves Cotton, Chara Technologies has entered a strategic partnership to co-manufacture rare-earth-free synchronous reluctance motors and controllers at Greaves facilities. With operations extending to Belgium and Italy, the company aims to expand its presence in North America and deepen its footprint in Europe. Chara Technologies also anticipates achieving sixfold top-line growth from FY25 to FY26, aspiring to sell 40,000 motors by FY27.