$3.5m seed fund for NMT to address supply chain axis
While the automotive industry is undergoing a rapid global transformation, the supply chain has not been able to keep up to its pace, according to Siddharth Jain, Founder and CEO of Bengaluru-based Nysha Mobility Tech (NMT).
“The burgeoning landscape of OEMs and upcoming start-ups need state-of-the-art EV components to meet market needs speedily and effectively,” he said, announcing on 11 April 2023 that NMT has raised US$3.5 million in its seed funding round from Touchstone Ventures, Panthera Peak Capital, and select family offices, angel investors and a Singapore based NRI.
“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,” said Jain.
“The structure of global supply chains is changing, and India finds itself as the primary beneficiary of this shift,” added Nikhil Bhandarkar, Founder of Panthera Peak Capital which is supported Nysha in the seed funding.
“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,” he said.
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.
NMT believes in continuously improving and transforming processes by digitizing them in order to produce market-relevant solutions for their customers, stressed Jain who founded NMT in April 2022 to transform the EV manufacturing ecosystem in India by helping address challenges currently faced by manufacturers in the ecosystem.
“These include combating extreme weather conditions, and high current requirements in conjunction with minimal space, which would lead to a tight bending radius and vibrations in vehicles.
“Based out of Bangalore, the company is ISO 9001 certified and IATF compliant, and is in the process of receiving BIS, UL, TUV and ARAI certifications for its products.”
The company’s family office and angel investors include Nikhil Bhandarkar, Kelachandra Family office, Ghanshyam Dass (ex-CEO – Nasdaq Asia), Kanoria Family Office, Kiran Bulla, JCL Family Office, Pahwa family Office, Suraj Sreenath (DreamGains Financial) and a Singapore based NRI.
NMT’s manufacturing unit at Nelamangala, Karnataka, and is equipped to cater to the 40+ EV players onboarded in a short span of time. Some of their key customers include Ola Electric, SUN Mobility, SEG Automotive, Log9, Pranav Vikas, Quantum, IGOWISE Green Tiger, Zen Mobility, Violin Technologies, Virya Mobility, and The Energy Company. The company targets to onboard over 100 customers in 2023. fiinews.com
