Nysha Mobility Tech Raises USD 3.5 Million In Seed Funding
EV components start-up, Nysha Mobility Tech (NMT), has raised USD 3.5 million in its seed funding round. A combination of equity and debt, the seed round saw participation from Touchstone Ventures, Panthera Peak Capital, and select family offices and angel investors. In addition to capital expenditure, the funds will be used towards developing cutting-edge technology to optimise the manufacturing process, R&D of EV components, as well as the use of IoT and AI in manufacturing. At present, the company has onboarded over 40 customers including Pranav Vikas, SUN Mobility, Ola Electric, IGOWISE and Virya Mobility. NMT targets to onboard over 100 customers in 2023.
Yesterday, NMT celebrated the inauguration of its first manufacturing facility located in Nelamangala, Karnataka, for making cables and harnesses that will be used across battery packs, charging and battery swapping infrastructures, and vehicles. The factory was inaugurated by Sandeep Maini, Chairman, Maini Group, with Chetan Maini, Co-Founder and Chairman, SUN Mobility, Nikhil Bhandarkar, Founder of Panthera Peak Capital, and K Srinivas, Executive Director - Pranav Vikas addressing the gathering. Among the guests were Niranjan Shah, Ex-Managing Director, Molex India, Manoj Chaturvedi, Ex-Director Epcos and Siemens, and representatives from Ather, Micelio, Virya, NDS Motors and Violin Technologies.
Siddharth Jain, Founder, and CEO of NMT welcomed the gathering. He brings over 25 years of experience in the EV components and manufacturing space. During the inauguration, the entrepreneur spoke about the supply chain issues around imports of EV components that the industry is facing. Commenting on the occasion, he said, “While the automotive industry is undergoing a rapid global transformation, the supply chain has not been able to keep up to its pace. The burgeoning landscape of OEMs and upcoming start-ups 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 endeavor, with growth in our customer base and OEMs and startups considering us as their partner from ‘design to delivery’. They are increasingly relying on us to launch products in a short span of time without worrying about inventory.”
“The structure of global supply chains is changing, and India finds itself as the primary beneficiary of this shift. We believe Nysha is uniquely positioning itself to take advantage of this change and become a market leader in the EV component space. With the current pipeline of clients and Nysha’s R&D and proprietary technology, the coming years for the company will be exciting,” says Nikhil Bhandarkar, Founder of Panthera Peak Capital.
NMT believes in continuously improving and transforming processes by digitising them in order to produce market-relevant solutions for their customers.
“In a rapidly evolving industry like this, it is crucial to assess your product and offerings to ensure its continued relevance for the present and future,” said Sandeep Maini, Chairman of Maini Group. “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. I heartily congratulate the team on inaugurating its first manufacturing facility in Bangalore,” he added.
The EV market in India is growing exponentially year-on-year, with sales surpassing 1 million units for the first time in 2022. With the scope to cater to a growing electric mobility industry, Nysha Mobility will also be expanding 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.
