Chara Technologies Showcases Rare-Earth-Free Motors at BRICS as India Targets Magnet Dependence

Highlights

• Chara Technologies uses synchronous reluctance motor design to eliminate rare-earth permanent magnets, potentially cutting motor costs 15–20% at scale
• The company sold ~200 motors last year across road vehicles, agriculture, and industrial machinery, with roughly eight customers ramping orders
• Chara projects 500,000 motor systems deployed by 2030 following a ₹52 crore Series A round led by Arkam Ventures, though targets remain unproven
• Substitution strategies like rare-earth-free motors could reduce demand pressure on neodymium, praseodymium, dysprosium and terbium without waiting for new mines
• India is using the BRICS Bharat Innovates Exposition to position deep-tech ventures as global alternatives in critical-mineral-dependent supply chains