Naxtra Labs on Monday said it has raised an undisclosed amount in a seed funding round led by GVFL, Delhiveri founder Mohit Tandon and Aspiring Minds founder Himanshu Aggarwal.
The round was also attended by Nitin Kamath’s Rainmatter Foundation, Paytm’s Vijay Shekhar Sharma, Ixigo co-founders Aloke Bajpai and Rajnish Kumar, Aether Energy’s Narayan, among others.
“India is making extraordinary progress in EV adoption. With favorable government initiatives – Naxtra is ripe to take the lead to build India’s leading motor technology company built for Indian conditions. The team has demonstrated excellent execution in technological development and these funds will enable them to innovate to meet growing demand. And will help continue to establish production capacity,” Tandon said.
The electric vehicle motor technology startup will use the newly raised funding to expand its team in R&D and manufacturing.
“We are excited to welcome all value-added investors to Nakshatra Lab. This infusion of capital and insight from such experienced partners will catalyze our vision to transform the Indian deep technology landscape with indigenous technology and large-scale manufacturing capabilities,” said Abhilash Maurya, CEO and Co-Founder, Naxtra Labs.
Additionally, the company said it is seeing growing international interest in its products and has begun the process of certifying its offerings to meet international standards.
Founded in 2020 by Abhilash Maurya, Arnav Biswas and Piyush Verma, Naxtra specializes in creating axial flux motors for electric two-wheelers and three-wheelers, offering customized powertrain solutions.
The announcement of the fund comes as a result of promising market scenario for companies like Naxtra Labs due to the increase in capital inflows into the electric vehicle ecosystem in the form of regulatory framework and demand for electric vehicles, especially in two-wheelers and three-wheelers.
According to a report by market research firm Mordor Intelligence, the electric motors for EV market is currently valued at $4.80 billion and is expected to register a compound annual growth rate of 28.63% between 2024 and 2029.