Bengaluru-based deep-tech startup Chara Technologies has raised $6 million (approximately ₹52 crore) in a Series A funding round led by Arkam Ventures, with participation from Exfinity Venture Partners, Kalaari Capital, and IIMA Ventures.
The fresh capital will power Chara’s next phase of growth including setting up a state-of-the-art manufacturing facility in Bengaluru, developing next-generation electric motor variants, and scaling its in-house R&D and powertrain capabilities.
With this, the company aims to accelerate commercialization and cater to the growing demand from electric vehicle (EV) and industrial sectors.
Founded in 2019 by Bhaktha Keshavachar, Mahalingam Koushik, and Ravi Prasad, Chara Technologies is pioneering rare-earth-free electric motors and controllers.
Its proprietary synchronous reluctance motor (SynRM) architecture eliminates the need for magnets, offering a cost-effective and environmentally sustainable alternative to Permanent Magnet Synchronous Motors (PMSMs) without compromising performance.
Built on indigenous algorithms, control software, and power electronics, Chara’s integrated powertrain system delivers superior energy efficiency and scalability across multiple applications, from EVs and industrial machinery to agricultural equipment.
The startup currently works with over 100 customers, including Greaves Cotton, BullWork, Sonalika, and VST, and has formed a strategic manufacturing partnership with Greaves Cotton to produce SynRMs and controllers at scale.
Globally, Chara has established operations in Belgium and Italy and plans to deepen its presence in Europe and enter North American markets soon. The company is targeting a 6x revenue growth between FY25 and FY26 and aiming to sell 40,000 motors by FY27.
