Ahmedabad, India-based electric mobility platform Matter, raised USD 10 million in its latest funding round. The company announced the news on June 24, 2022. Info Edge-backed technology fund Capital 2B led the funding for Matter. Climate Angel Fund and other Indian and overseas high net-worth individuals (HNIs) also joined in the round. The new investors are on-board with the founders and existing investors, including Baring Private Equity Partners.
Purpose of Funding by Matter
The company will use the latest capital infusion for continuous technological innovations, manufacturing, and marketing. Meanwhile, Matter looks forward to launching a series of electric mobility and energy storage products. These products equipped with a completely new ground-up approach are designed and innovated for India and the world.
The e-mobility platform also plans to launch its first electric motorcycle later in the year. The motorbike will be the first in the country to feature an active liquid-cooled battery. Besides, MatterEnergy (a subsidiary of the company) is working on R&D in battery packs and battery management systems.
Since its inception, the company has invested USD 7.5 million in the research and innovation sector.
What the founder has to say
“We welcome our new investors to the endeavour of electric mobility transition and energy empowerment. Our beliefs reinforce the goal of delivering smart and transformational technology to every home in India. Matter is gearing up for its first electric motorcycle launch this year, and we aim to develop a world-class portfolio of EV and energy storage products to catalyze the clean energy transition in India,” said Mohal Lalbhai, Founder and CEO of Matter.
What the investor has to say
Capital 2B Partner Vibhore Sharma said,” India, with its talent pool, is uniquely placed to lead the next revolution in energy independence. We believe that the company has great potential to embark on a high growth trajectory, owing to its strength and the tailwinds that this segment now enjoys as institutionalization, technology, and accessibility increase. Matter, with its homegrown technology stack, is set to redefine the two-wheeler mobility and energy segments. Matter is one of our fund’s first investments and is promising an exciting journey.”
In addition, Rahul Bhasin, Baring Private Equity Partners India Managing Partner, said, “Matter has created products that will make a positive impact on people and the planet. We support Matter’s initiatives in greening and cleaning India. Matter’s product portfolio, EVs and energy storage products for every Indian home, should help progress towards creating a more sustainable future for our country.”
About Matter
Matter Motor Works Pvt. Ltd operates the E-mobility startup Matter. Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu brought the startup into existence in 2019. The company launched India’s first active liquid-cooled two-wheeler electric vehicle (EV) battery, MatterEnergy 1.0, in April 2022. Meanwhile, it also developed a drive-train solution, Matter Drive 1.0. Matter’s in-house team designed the powertrain components for Matter’s products.
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