Start-up NMT raises $3.5 million in seed funding

EV components start-up, Nysha Mobility Tech (NMT,) said it has raised $3.5 million in its seed funding round. A combination of equity and debt, the seed round saw participation from Touchstone Ventures, Panthera Peak Capital, and select family offices and angel investors, the firm said.

In addition to capital expenditure, the funds will be used towards developing technology to optimise the manufacturing process, R&D of EV components, as well as the use of IoT and AI in manufacturing. 

At present, the company has onboarded over 40 customers including Pranav Vikas, SUN Mobility, Ola Electric, IGOWISE and Virya Mobility and targets to onboard over 100 customers in 2023, it said.