Nysha Mobility Tech (NMT), an electric vehicle (EV) components start-up, has successfully raised $3.5 million in seed funding to manufacture EV components. The funding was raised through a combination of equity and debt from Touchstone Ventures, Panthera Peak Capital, and select family offices and angel investors.
The capital will be used for capital expenditure, research and development of EV components, and the implementation of IoT and AI in manufacturing.
Currently, NMT has over 40 customers including Pranav Vikas, SUN Mobility, Ola Electric, IGOWISE, and Virya Mobility. The company is aiming to onboard over 100 customers in 2023.
The inauguration of NMT’s first manufacturing facility, located in Nelamangala, Karnataka, was celebrated yesterday. The facility will produce cables and harnesses for battery packs, charging and battery swapping infrastructures, and vehicles.
Sandeep Maini, Chairman of Maini Group, inaugurated the factory, while Chetan Maini, Co-Founder and Chairman of SUN Mobility, Nikhil Bhandarkar, Founder of Panthera Peak Capital, and K Srinivas, Executive Director – Pranav Vikas, addressed the gathering.
NMT’s founder and CEO, Siddharth Jain, welcomed the gathering and spoke about the supply chain issues that the EV industry is facing with imports of components. He explained how NMT is addressing the supply chain axis with their unique and agile solutions and engineering capabilities.
The company has seen steady success in this endeavor, with growth in its customer base and OEMs and startups considering NMT as their partner from ‘design to delivery’.
The company believes in continuously improving and transforming processes by digitizing them to produce market-relevant solutions for their customers. “As several players enter the EV field amidst the ongoing supply chain challenges, the time is ripe for more localized component manufacturers to disrupt the market.
With advanced engineering solutions in play, companies like Nysha Mobility Tech will play a key role in easing the worry of inventory,” said Sandeep Maini, Chairman of Maini Group.
With the EV market in India growing exponentially year-on-year, NMT plans to expand its product line in Phase 2 to include charging connectors, charging guns, and charging stations. The company aims to grow with the industry, building the capability to cater to the growing gaps and needs in the supply chain.