Nysha Mobility Tech (NMT), a start-up that develops components for electric vehicles (EVs), has raised $3.5 million in a seed funding round that combined equity and debt funding. The investment was led by Touchstone Ventures and Panthera Peak Capital and included participation from Nikhil Bhandarkar, founder of Panthera Peak Capital, as well as from Ghanshyam Dass, ex-chief executive officer (CEO) of Nasdaq Asia and several family offices.
The company plans to use the funding to develop its manufacturing process and research and development (R&D) and to apply artificial intelligence (AI) and internet of things (IoT) technology to its manufacturing.
Nysha Mobility Tech which was founded in April 2022 by Siddharth Jain claims to have over 40 clients, including Ola Electric, SUN Mobility, Pranav Vikas, IGOWISE and Virya Mobility. The company plans to onboard over 100 new customers in 2023.
The start-up aims to solve some of the challenges facing the EV industry, such as high current requirements and tight bending radii due to limited space, as well as extreme weather conditions and vibrations. On 10 April, the company opened its first manufacturing unit in Karnataka, which will produce cables and harnesses for battery packs, vehicles and charging infrastructure.
Jain said that Nysha Mobility is addressing the supply chain axis by offering "unique and agile solutions and engineering capabilities" and added that the company has been successful in attracting OEMs and start-ups to work with it from design to delivery.
“The structure of global supply chains is changing, and India finds itself as the primary beneficiary of this shift,” observed Nikhil Bhandarkar, founder of Panthera Peak Capital.