Angel investors and Zerodha's Rainmatter lead the $3 million fundraising for EV motor startup Naxatra Labs

Electric vehicle and industrial motor startup Naxatra Labs has raised $3 million in funding, led by Rainmatter, the venture arm of Zerodha.

Several well-known startup founders and angel investors also took part in the round, including leaders from Delhivery, Aspiring Minds, Paytm, Ixigo, Ather Energy, and others.

Naxatra Labs builds electric motors for EVs and industrial use, handling everything from design and testing to final manufacturing. The company plans to use the fresh funds to develop new motor products, hire more engineers, expand operations, and increase manufacturing capacity. Over time, it aims to produce up to 50,000 motors per month.

Cofounder Abhilash Maurya said demand for electric motors is rising due to rapid electrification and India becoming an important global manufacturing hub. He added that the funding will help the company scale faster and launch new products.

Naxatra currently serves Indian customers and export markets. Rainmatter said it invested in the startup because it focuses on deeptech and hardware innovation designed and made in India.