Tuesday, September 26, 2023
HomeInsightFunding Alert Nysha Mobility Tech Secures $3.5 Mn in Equity & Debt Funding

[Funding alert] Nysha Mobility Tech Secures $3.5 Mn in Equity & Debt Funding

Nysha Mobility Tech (NMT), a startup that manufactures components for electric vehicles, has raised $3.5 million in a seed funding round through a combination of equity and debt funding. Investors in the round included Touchstone Ventures and Panthera Peak Capital.

In addition to Touchstone Ventures and Panthera Peak Capital, several other investors participated in Nysha Mobility Tech’s seed funding round. Notable investors included Nikhil Bhandarkar, Kelachandra Family office, Ghanshyam Dass (former CEO of Nasdaq Asia), Kanoria Family Office, Kiran Bulla, JCL Family Office, Pahwa Family Office, and Suraj Sreenath (DreamGains Financial), as per reported by Inc42.

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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.”

The startup intends to allocate the funds towards enhancing its manufacturing process through the development of technology, expanding the research and development of electric vehicle components, and integrating the Internet of Things (IoT) and Artificial Intelligence (AI) into its manufacturing operations.

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Siddharth Jain founded the startup in April 2022, and it currently serves over 40 clients such as Pranav Vikas, SUN Mobility, Ola Electric, IGOWISE, and Virya Mobility. The startup aims to acquire over 100 customers in 2023.

Nysha Mobility’s objective is to revolutionize the EV manufacturing industry and address the issues that arise from extreme weather conditions and high current demands, as well as limited space, resulting in a small bending radius and vehicle vibrations.

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About Nysha Mobility Tech

Based in the Technology hub of India, Bangalore, Nysha Mobility Tech is inspired by the spirit of its organization and is strengthened by the philosophy of Product excellence, customer satisfaction and technological advancement.

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