EV Tech Start-up Matter Closes US$ 10 million Round

Ahmedabad based Matter, a vertically integrated product tech start-up focused on electric mobility and energy storage, has raised an initial US$ 10 million in its latest round of funding. The round drew interest from a diverse set of investors including Capital 2B, a technology fund backed by Infoedge, Climate Angels Fund, and other marquee Indian and overseas HNI’s. They now join the founders and the existing investor including Baring Private Equity Partners in this journey.

Matter has been founded by Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu in 2019.

With the capital, the startup has already launched India’s first active liquid-cooled two-wheeler electric vehicle (EV) battery MatterEnergy 1.0 in April this year. Matter has also developed a drive-train solution in the form of Matter Drive 1.0.

Since its inception in 2019; Matter claims to have invested US$ 7.5 million of capital into the research and development of its proprietary technology stack which has already resulted in the market launch of MatterEnergy 1.0, India’s first active liquid-cooled 2-Wheeler EV battery, and significant work on novel drive-train solution in form of Matter Drive 1.0. MatterEnergy 1.0 is well suited to address the pressing concerns around ‘active thermal management in E2Ws.

The new investments of US$ 10 Million will be utilized towards the launch of its exciting line of electric mobility and energy storage products, that are designed and innovated for India and the world using a completely new ground-up approach. The Company intends to launch its first and best-in-class EV motorcycle later in the year and believes that once launched the vehicle will set new benchmarks in the Indian E2W industry.

Mohal Lalbhai, Founder and CEO, said  “We welcome our new investors to the endeavor 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.”