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Naxatra Labs on Monday said it has raised an undisclosed amount in a seed funding round led by GVFL, Delhivery founder Mohit Tandon, and Aspiring Minds founder Himanshu Aggarwal.

The round also saw participation from Nithin Kamath’s Rainmatter Foundation, Paytm’s Vijay Shekhar Sharma, Ixigo co-founders Aloke Bajpai and Rajnish Kumar, and Ather Energy’s Narayan, among others.

“India is making extraordinary strides in EV adoption. With favourable govt initiatives – Naxatra is ripe to take the lead in building India’s leading motor technology company built for Indian conditions. The team has demonstrated superior execution in technology development and these funds will help them continue to innovate and establish production capacity to serve the growing demand.,” said Tandon.

The electric vehicle motor technology startup will use the newly raised funds to expand its team across R&D and production.

“We are thrilled to welcome all value-adding investors to Naxatra Labs. This infusion of capital and insight from such experienced partners will catalyse our vision of transforming the Indian deeptech scenario with homegrown technology and mass production capacity.” said Abhilash Maurya, CEO and Co-founder of Naxatra Labs.

Additionally, the company said it is seeing growing international interest in its products and has begin the process of certifying its offerings to meet international standards.

Founded in 2020 by Abhilash Maurya, Arnav Biswas, and Piyush Verma, Naxatra specialises in creating axial flux motors for electric two-wheelers and three-wheelers, offering customised powertrain solutions.

The funding announcement comes amid a rise in the influx of capital into the electric vehicle ecosystem as regulatory frameworks and demand for electric vehicles, particularly in the two-wheeler and three-wheeler space, result in a promising market landscape for companies like Naxatra Labs.

According to a report by market research firm Mordor Intelligence, electric motors for the EV market is currently valued at $4.80 billion and is expected to register a compound annual growth rate of 28.63% between 2024 and 2029.