The funding round also saw participation from Rainmatter by Zerodha, Paytm founder Vijay Shekhar Sharma, Ixigo co-founders Aloke Bajpai and Rajnish Kumar among others, Naxatra’s cofounder Abhilash Maurya said in a post on LinkedIn
Founded in 2021 by Maurya alongside Piyush Verma and Arnav Biswas, the startup offers advanced motor solutions for EVs
Naxatra Labs claims to develop light and efficient motors offering both axial and radial flux motor technologies for ev, agriculture and powertools
Electric Vehicle (EV) tech startup Naxatra Labs has secured an undisclosed amount in its seed funding round co-led by GVFL, Delhivery founder Mohit Tandon and Aspiring Minds founder Himanshu Aggarwal.
The round also saw participation from Rainmatter by Zerodha, Paytm founder Vijay Shekhar Sharma, Ixigo co-founders Aloke Bajpai and Rajnish Kumar among others, Naxatra’s cofounder Abhilash Maurya said in a post on LinkedIn.
Founded in 2021 by Maurya alongside Piyush Verma and Arnav Biswas, the startup offers advanced motor solutions for EVs. Naxatra Labs claims to develop light and efficient motors offering both axial and radial flux motor technologies for ev, agriculture and powertools.
The startup plans to use the fresh capital to support its plans to push manufacturing and technology.
“We are announcing our seed round. It is still day 0 for Naxatra Labs. It will fuel our vision to bring tech and manufacturing back to India,” said Maurya in the post.
GVFL also shared the Naxatra funding announcement on LinkedIn, citing its managing director (MD), “…we look forward to seeing Naxatra Labs transform the future of electric mobility.”
It further mentioned that the investment will help the startup in increasing its production capabilities, enhance research and development (R&D) efforts, and certify its products for international standards.
The development comes at a time when the climate tech market is witnessing an active interest from investors.
In May, climate tech startup Solinas Integrity raised an undisclosed amount of funding from Neev Fund II, a fund managed by the State Bank of India’s private equity arm SBICAP Ventures.
Earlier this year, another climate tech startup Varaha raised $8.7 Mn as a part of its Series A funding round led by RTP Global.
It is pertinent to note that the climate tech space is also witnessing experiments in new sub-sectors, including green hydrogen, circular economy involving recycling, sustainable aviation fuel, low-carbon cement, and water conservation, among others.
