An innovative startup, Ahmedabad, India-based Matter Group, raised $35 million in Series B funding towards the expansion of its electric vehicle and energy storage operations. This massive surge in funding is going to help the Company drive scale in manufacturing, ramp up supply chain operations, and grow market presence of its offerings.
This funding round included Helena, a U.S-based organization that seeks to provide solutions to global challenges as the lead investor; some major investors include Capital 2B, Japan Airlines, Translink Innovation Fund, and Saad Bahwan Investment Management Company, popularly known as SB Invest.
PC: The Economic Times
Established in 2019, Matter Group has evolved as a promising player in the EV industry. Guided by the spirit of “Innovate in India,” the company is dedicated to the research and development of electric vehicle platforms and energy storage technologies. Through its disciplined efforts, Matter Group brings state-of-the-art products such as the AERA electric motorbike, which has received phenomenal market attention and interest.
The AERA motorbike stands out on the back of its new features and an outstanding performance. It runs on a 4-speed hyper shift geared motor with the ability to cover more than 125 km in a single charge. Further, features that come along on the bike include internet-enabled navigation, music, calls, and a touchscreen interface. Since March last year, when the product was launched, the AERA has seen more than pre-bookings of 40,000 in number, which has returned the interest and confidence of consumers in Matter Group’s products. Deliveries are likely to commence in the upcoming festive season.
The $35 million Series B funding round is going to be meat and potato in growth and expansion for Matter Group. For Matter Group founder and CEO, Mohal Lalbhai, this is a validation of its belief in innovation and sustainability in the EV segment. The funds will be used in increasing manufacturing capabilities, streamlining supply chain operations, and building a strong marketing and retail network. This will help Matter Group meet the rising demand for sustainable, high-performance mobility solutions across various categories.
The presence of marquee investors in this round is a stamp of belief in Matter Group’s vision and potential. Suprotik Basu, Managing Partner of Helena, said he was looking forward to the association because the company had huge potential for changing the EV landscape not just in India, but several other emerging markets as well. He mentioned that the innovative approach Matter Group adopted has a strong resonance with Helena’s mission of fighting global challenges related to climate change through sustainable solutions.
With this huge financial backing, Matter Group is on a strong wicket in building scale and increasing market presence. At a time when this entire EV market had become increasingly competitive, the focus on advanced technology and sustainability helps set Matter Group apart. As global demand for electric vehicles continues to rise, Matter Group is eyeing a leading role in the shift to greener, more efficient modes of transportation.
Of late, the biggest steps taken toward the reflourishing of Matter Group in redefining the EV industry with resilient innovation, sustainable enterprise practices, and high-performance mobility solutions are its successful $35 million Series B fundraising. Backing by such esteemed investors further consolidates the chances that Matter Group will be at the forefront of finding solutions to global climate challenges through more sustainable modes of transportation.
