Electric mobility startup Matter raises $10M from Capital 2B Fund 1, Climate Angel Fund, others

Electric mobility startup Matter aims to launch its first EV motorcycle later this year, and believes the vehicle will set new benchmarks in the Indian electric two-wheeler industry.

Ahmedabad-based electric mobility startup Matteron Friday said it raised $10 million in its latest funding round from Infoedge-backed Capital 2B Fund 1, Climate Angels Fund, other marquee Indian and overseas HNIs, and existing investor Baring Private Equity Partners.

The startup will use the funds to launch its line of electric mobility and energy storage products. Matter aims to launch its first EV motorcycle later this year, and believes the vehicle will set new benchmarks in the Indian electric two-wheeler industry.

Founded in 2019 by Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu, Matter has invested $7.5 million in the research and development of its proprietary technology stack, resulting in the market launch of MatterEnergy 1.0—an active liquid-cooled two-wheeler EV battery—well suited to address concerns around active thermal management in electric two-wheelers.      

It also claims to have made significant strides on its novel drive-train solution Matter Drive 1.0.

Matter Co-founders (L to R) - Kumar Prasad Telikepalli, Mohal Lalbhai, Saran Babu, Arun Pratap Singh

Speaking about the funding, Mohal Lalbhai, Founder and CEO, Matter, said,

“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 catalyse the clean energy transition in India.”

Vibhore Sharma, Partner, Capital 2B, added, “Matter, with its homegrown technology stack, is set to redefine the two-wheeler mobility and energy segments. Matter is one of the first investments from our Fund, and is promising of an exciting journey, one to which I would be as close to the action as possible.”

Rahul Bhasin, Managing Partner, Baring Private Equity Partners India, said, “We support Matter’s initiatives in greening and cleaning India. Matter’s product portfolio, EVs and energy storage products for every Indian home, should help progress towards creating a more sustainable future for our country."

Edited by Suman Singh