Matter Raises Rs 82.5 Cr in Funding to Boost Electric Motorcycle Production
- ByStartupStory | June 26, 2024
Ahmedabad-based electric motorcycle startup Matter has successfully raised Rs 82.5 crore in a private placement offer, regulatory filings with the Ministry of Corporate Affairs revealed. This significant funding round saw participation from prominent investors, including Temasek- and InfoEdge-backed Capital 2B, Japan Airlines & TransLink Innovation Fund, Abhay P Shah via Miracle Carriers & Trading Co, and Helena Special Investments Fund I.
Japan Airlines & TransLink Innovation Fund invested Rs 25.04 crore for 34,217 Series D2 compulsory convertible preference shares (CCPS), while Capital 2B acquired 14,760 CCPS for Rs 10.8 crore. Each share was valued at Rs 7,310, according to the filings.
Matter, founded in 2019 by Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu, specializes in the production of premium electric motorcycles. The company’s first two-wheeler EV, named Aera, was launched in March 2023, featuring an innovative active liquid-cooled battery. Additionally, Matter has been focusing on developing lithium-ion batteries for use in electrical grids and solar energy.
In 2022, Matter secured $10 million from Capital 2B Fund 1, Climate Angels Fund, Baring Private Equity Partners, and various Indian and international high-net-worth individuals (HNIs). The company aims to achieve a billion-dollar turnover by 2025, as reported by a top company official to PTI.
The electric motorcycle market is gaining traction following the initial success of e-scooters. Notable competitors include TVS Motor Company-backed Ultraviolette, with Ola Electric also planning to enter the market with its own line of e-motorbikes by 2026. In its draft red herring prospectus, Ola Electric introduced four concept e-motorbikes and highlighted that it has filed patents for designs featuring removable batteries.
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