Vimag Labs is building an electric motor that works without rare-earth magnets

Company Details Company Overview Founded September 2025 Founders Manish Seth, Piyush Desai Headquarters Bengaluru Sector Electric motors, EV components Funding Raised About ₹43 crore (announced January 2026) Key Investors Accel (lead), Chakra Growth Fund, Thinkuvate Technology Virtual Magnet Synchronous Motor (VMSM) Intellectual Property Five granted Indian patents; further applications pending Almost every electric vehicle on the road runs a permanent magnet synchronous motor.