Matel Secures $4 Million in Series A Funding to Accelerate Electric Powertrain Solutions
- ByStartupStory | May 16, 2024
Matel, a pioneering startup specializing in synchronous machines and motor controllers, has successfully raised $4 million in its Series A funding round. The financing was led by Transition VC, with additional participation from Gruhas and Haresh Abichandani.
Founded in 2017, Matel has established itself as a key player in the design and manufacturing of high-efficiency electric motors and controllers, offering comprehensive powertrain solutions to original equipment manufacturers (OEMs) in the electric vehicle (EV) and industrial sectors. The startup’s technology spans various applications, including e-mobility, industrial machinery, agricultural pumping, and HVAC systems.
One of Matel’s core strengths lies in its ability to cater to a wide range of EVs, from two-wheelers to buses and off-road vehicles. Following successful validation and certification from prominent EV OEMs, Matel commenced mass production of its powertrains in April 2024, marking a significant milestone in its growth trajectory.
“We plan to allocate the raised capital for scaling up production, new product development, and expanding our R&D team and required equipment over the next three years,” said Mahesh Toraskar, Flounder, Matel.
Looking ahead, Matel plans to expand its product offerings to include solutions for the commercial vehicle (CV) segment, focusing on applications in the 350V segment with power capacities up to 100 KW. Additionally, the startup is currently in the design phase for products targeting the 600V and 200 KW power range, scheduled for release in FY26.
Matel’s ambitious growth strategy also includes venturing into the defense sector, aiming to supply electric motors required for defense applications. With a robust order book already in place and plans for an expanded product portfolio, Matel anticipates surpassing Rs 100 crore in annual sales by the upcoming fiscal year.
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