Matter closes the $10 million funding round from HNIs for product building and EV launch
- ByStartupStory | June 25, 2022
With investments from Info Edge’s Capital 2B Fund 1, Climate Angel Fund, and a number of other Indian and foreign HNIs, the technology firm Matter, which focuses on electric mobility and energy storage, has concluded a first round of equity fundraising at $10 Mn. The additional fund will go toward the introduction of the company’s new range of energy storage and electric mobility devices. Matter really plans to introduce its first electric motorbike later this year.
In 2019, Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu founded Matter. The company states that it has invested $7.5 Mn in the creation of its unique technological stack.
The firm has already introduced MatterEnergy 1.0, India’s first active liquid-cooled two-wheeler EV battery. In the shape of Matter Drive 1.0, Matter has also created a drive-train solution. The in-house team at Matter created and procured all of the powertrain parts for its products. Baring Private Equity Partners, a private equity firm, already supports Matter.
Lalbhai, the founder and CEO of Matter said, “Matter is getting ready to launch its first electric motorbike this year and we intend to establish a world-class portfolio of EV and energy storage products to catalyse the clean energy shift in India.” He also stated, “This is where it isn’t truly a plug-and-play solution instead, it has to be integrated into the design from the beginning.”
According to Vibhore Sharma, partner at Capital 2B, “Matter is positioned to transform the two-wheeler transportation and energy industries with its native technological stack. Matter is one of the first investments from our Fund, and it promises to be a fascinating journey on which I would be as involved as feasible.”
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