Vimag Labs, a company specializing in the development of electric motors that do not use rare-earth permanent magnets, plans to increase the production of such motors at its facility in Haryana. The company aims to achieve a revenue of ₹100 crore in the 2028 financial year while expanding its presence in defense and global markets.
The company's first manufacturing unit was established in MET City in Jagajjar, Haryana. The company intends to grow its operations in electric mobility, industrial equipment, commercial transport, and strategic sectors, including aerospace and defense industries.
Vimag Labs plans to implement its patented Virtual Magnet Synchronous Motor (VMSM) technology across various energy consumption segments and enter international markets within the next few years. Manish Seth, CEO and co-founder of Vimag Labs, stated: 'We are currently in a deployment phase, and our target revenue is ₹100 crore for the 2027-28 financial year.'
This advanced technology, first developed in India, solves a serious problem in the global electric motor supply chain caused by the geographical concentration of rare-earth material resources and processing capabilities, price volatility, and geopolitical uncertainty associated with these critical components.
As electric mobility, industrial electrification, and defense manufacturing grow rapidly, reducing dependence on such materials has become an important strategic priority for countries seeking to strengthen domestic manufacturing capabilities.
According to Seth, 'Our patented VMSM platform replaces physical permanent magnets with electronically controlled magnetic fields defined by software, eliminating the need for rare-earth permanent magnets while providing comparable or superior performance in terms of efficiency, power density, and overall motor characteristics.'
The development of alternative motor technologies is significant as India prepares to expand its electric vehicle ecosystem, strengthen domestic defense production, and develop competencies in advanced industrial technologies. Dependence on imported critical materials can expose these sectors to risks of supply disruptions and external price pressures.
Seth emphasized: 'India has the opportunity not just to manufacture electric motors, but also to develop and own fundamental motor technologies capable of competing globally. We have developed this technology, proven its viability, and now production has begun, all in record time.'
The 10,000 square foot manufacturing facility is designed to produce motors and related control systems using advanced automation, digital processes, and quality control systems. The company plans to incrementally invest ₹50 crore in this facility, which can be expanded to 20,000 square feet.
Vimag has already exported its first batch of controllers to the United States and Germany, marking an important step toward realizing the commercial viability of its technology. In the coming months, the company also plans to move into the production of more powerful motors and power units, including applications exceeding 570 kW.
The company's expansion strategy is supported by an exclusive licensing agreement for the technology, manufacturing, and commercialization of an advanced high-voltage power electronics platform developed in the US. This platform covers inverters, charging systems, and power distribution capabilities, supporting up to 1200 volts. Recently, the company raised $5 million in a Series A round led by Accel with participation from Chakra Growth Fund and Thinkuvate.
The company's product development strategy extends beyond small mobility applications to include high-power systems for commercial transport and industrial equipment. Its immediate focus in mobility covers two-wheelers, three-wheelers, electric buses, and trucks, while the company simultaneously invests in developing ancillary technologies, including power electronics, motor controllers, and semiconductor technologies for drones, industrial applications, and high-performance electromechanical systems.
Seth added: 'Our broader vision is to make rare-earth-free electric propulsion mainstream. We want India to be recognized as a major player in creating globally competitive fundamental technologies, facilitated by international engineering collaboration and a strong global presence.'
