Nysha Mobility Raises $3.5 Mn For Manufacturing EV Components

EV components startup Nysha Mobility Tech (NMT) has raised $3.5 Mn in a combination of equity and debt funding. The seed funding round saw participation from investors such as Touchstone Ventures, Panthera Peak Capital.

Nikhil Bhandarkar, Kelachandra Family office, Ghanshyam Dass (ex-CEO – Nasdaq Asia), Kanoria Family Office, Kiran Bulla, JCL Family Office, Pahwa family Office, Suraj Sreenath (DreamGains Financial), also participated in the funding round.

The startup plans to use the funds to develop technology to optimise its manufacturing process, increase the R&D of EV components and use IoT and AI in manufacturing. 

Founded by Siddharth Jain in April 2022, the startup caters to more than 40 clients, including Pranav Vikas, SUN Mobility, Ola Electric, IGOWISE and Virya Mobility. NMT targets to onboard more than 100 customers in 2023.

Nysha Mobility aims to transform the EV manufacturing ecosystem and solve challenges that EVs face due to extreme weather conditions, and high current requirements in conjunction with minimal space, which would lead to a tight bending radius and vibrations in vehicles.

On Monday (April 10), the startup inaugurated its first manufacturing unit in Karnataka to manufacture cables and harnesses to be used in battery packs, vehicles, and charging and battery swapping infrastructure. 

Addressing supply chain issues of the EV industry, Jain said, “The burgeoning landscape of OEMs and upcoming startups need state-of-the-art EV components to meet market needs speedily and effectively. At Nysha, we are addressing the supply chain axis with our unique and agile solutions and engineering capabilities. We have witnessed steady success in this endeavour, with growth in our customer base and OEMs and startups considering us as their partner from design to delivery.”

Chiming in, Nikhil Bhandarkar, the founder of Panthera Peak Capital, said, “The structure of global supply chains is changing, and India finds itself as the primary beneficiary of this shift.”

The startup counts EV startups and companies such as — Ola Electric, SUN Mobility, SEG Automotive, Log9, Pranav Vikas, Quantum, IGOWISE Green Tiger, Zen Mobility, Violin Technologies, Virya Mobility, and The Energy Company, amongst its clients.

In March, an Indian EV charging solutions startup CHARGE+ZONE raised $54 Mn in its Series A1 funding round. Before that, EV-as-a-service platform Zypp Electric raised $25 Mn in February. 

In India, the demand for electric vehicles has increased significantly. According to the Vahan data (as on April 1), total two-wheeler EV registrations grew almost 30% month-on-month (MoM) to 85,683 units last month. However, in February, these registrations grew only 2% MoM to 65,976 units from 64,637 in January.

In his recent address, Transport Minister Nitin Gadkari noted that EV charging stations were susceptible to cyberattacks and cyber security incidents just like any other technological application.