Deeptech startup Chara raised $4.75 million in Pre-Series A led by Exfinity Venture Partners where existing investors Kalaari Capital, CIIE.CO and new investors–Big Capital, a venture arm of Bitexco, and Log9 Materials, also participated.
Chara is a startup that manufactures magnet-free electric motors. It claims to have developed motors for two, three, and four-wheeled LCVs, as well as HVAC applications. Chara was selected for the Accenture Sustainability Value Accelerator and received an undisclosed amount of seed funding as part of the accelerator programme about eight months ago. According to a Future Market Insights report, India's deeptech market is expected to reach $3,733 million by 2032, growing at a CAGR of 21.8% between 2022 and 2032.