PC: Business Review Live
In what could just turn out to be the shot in the arm for the electric vehicle (EV) segment, Ahmedabad-based electric mobility startup Matter raised INR 82.6 crore ($10 million) in its latest funding round. Some key investors participating in the current funding round include Japan Airlines, Translink Fund, and several more marquee investors. Matter would certainly be using this investment to speed up work on some critical new product creations while scaling up operations across several markets in India.
Founded in 2019 by Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu, Matter has surged into the EV space and has been one of the fast-growing players. Since inception, this startup has been vigorously seeking to bring the latest electric mobility and energy storage solutions to the Indian market. With the latest funding, Matter is targeting an aggressive launch of its first electric motorcycle later this year, a milestone event in its journey toward shaping a revolution in the Indian two-wheeler industry.
New Investors The investors’ list is led by Japan Airlines and Translink Fund, who shall now join some of the existing investors in Baring Private Equity Partners and other high net worth individuals. “Matter’s homegrown technology stack has potential to redefine two-wheeler mobility and energy segments,” says Vibhore Sharma, Partner at Capital 2B, another fund which is investing in this round.
EV technology has undergone decent development at the hands of Matter, where it has invested about $7.5 million in research and development of its patented technology stack. This includes MatterEnergy 1.0, an active liquid-cooled two-wheeler EV battery designed to meet one of the most pressing problems in electric two-wheelers: thermal management. There is also the innovative drive-train solution, Matter Drive 1.0. These products are a part of Matter’s long-term strategy to create a full portfolio of products within the domain of EVs and energy storage.
In fact, as opposed to the funding winter reigning supreme over startups, interest and greater investments are being seen in the Indian electric mobility market. Matter’s latest fundraise reflects a rising maturity of the EV vertical on its capability to drive sustainable transportation in India. This development forms part of a broader trend where deep investments are made in the Indian EV space, resulting in recent funding rounds in companies such as Statiq or the plans of META4 Group regarding an EV plant in Telangana. This fresh capital has seen the leadership at Matter focused on scaling into its manufacturing capabilities, enhanced technological innovation, and ramping up marketing efforts. According to Mohal Lalbhai, founder and CEO of Matter, this startup is committed to bringing smart, transformative technology that can catalyze the clean energy transition in India with great zeal. They strive to make a telling contribution to sustainability and the mass adoption of green energy through advanced products in EVs. The massive fundraising for Matter reflects growing confidence in its differentiate approach toward electric mobility and energy storage solutions.
Equipped with a strong financial backing and a vision enunciated, Matter is well-placed to make meaningful contributions toward the Indian EV landscape. Its first product—an electric motorcycle coming later this year—shall be a pointer toward its potential for setting new industry benchmarks. The other thing that has been on top of the radar all the time in the continuous evolution of Matter is to make products that would not just suffice for modern world consumers but also be friendly to the environment and help in moving toward a green, sustainable future.
