- Chara Technologies builds rare-earth-free synchronous reluctance motors that are 5% more efficient than traditional rare-earth-based motors.
- The company plans to scale production to 2,000 motors per month and aims for $5 Mn in revenue by FY26.
As global tensions rise over rare earth element supplies, particularly after China’s export ban, the electric vehicle (EV) industry is facing a critical shortage. But Bengaluru-based Chara Technologies may have cracked the code to reduce this dependency.
Founded in 2019 by Bhaktha Keshavachar along with automotive veterans Mahalingam Koushik and Ravi Prasad, Chara Technologies builds synchronous reluctance motors that are completely free of rare earth elements.
These motors, which use reluctance to generate torque, are reportedly 5% more efficient than traditional permanent magnet-based motors used in EVs and industrial applications.
The idea for Chara Technologies was born even before Keshavachar exited his previous startup, Ezetap, in 2021. A former Intel employee with no prior experience in the automotive sector, Keshavachar saw the looming rare earth crisis years in advance.
To fill the technical gap, he brought in Koushik and Prasad to co-found Chara. With an initial grant of INR 25 Lakh from IISc Bengaluru, the team began prototyping motors that align with their core belief:
“The core idea behind establishing Chara, meaning motion in Sanskrit, was to find a sustainable solution for the movement of EVs,” said Keshavachar.
Unlike traditional EV motors that use neodymium-iron-boron magnets, materials whose mining generates massive toxic waste, Chara Technologies’ solution avoids these harmful inputs altogether.
Now serving 50 clients, including industry leaders like Godrej and Greaves Cotton, the company plans to scale production to 2,000 motors per month.
With a Series A funding of INR 50–60 Cr in the works, Chara aims to sell 15,000 motors and generate $5 Mn in revenue by FY26.
Edited by Annette George
