EV bike maker Matter raises Rs 82.5 Cr in funding
Ahmedabad-based EV manufacturer Matter last raised funding of $10 million in 2022 from Infoedge-backed Capital 2B Fund 1 and Climate Angels Fund, among others.
EV motorcycle startup has raised Rs 82.6 crore in a private placement offer from Temasek- and InfoEdge-backed Capital 2B, and Japan Airlines & TransLink Innovation Fund.
Abhay P Shah via Miracle Carriers & Trading co, and Helena Special Investments Fund I, also invested in Matter, regulatory filings with the Ministry of Corporate Affairs showed.
Japan Airlines & Translink Innovation Fund invested Rs 25.04 crore for 34,217 Series D2 compulsory convertible preference shares (CCPS), while Capital 2B bought 14,760 CCPS for Rs 10.8 crore.
Each share was valued at Rs 7,310, the filings showed.
Founded in 2019 by Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu, Matter manufactures premium electric motorcycles.
Its first two-wheeler EV named Aera launched in March 2023 and featured an active liquid-cooled battery.
It has also been focused on launching lithium-ion batteries for usage in electrical grids and solar energy.
In 2022, Matter raised $10 million from Capital 2B Fund 1, Climate Angels Fund, Baring Private Equity Partners, and other Indian and overseas HNIs.
The Ahmedabad-based startup expects to hit a billion dollars in turnover by 2025, a PTI report quoting a top company official said.
After e-scooters, electric motorcycles have started gaining attention in the electric mobility space. TVS Motor Company-backed Ultraviolette is a noteworthy competitor, although Ola Electric is also revving up to launch its own line of e-motorbikes by 2026.
In its draft red herring prospectus, Ola Electric introduced four concept e-motorbikes and said it has filed patents for designs which also feature removable batteries.
Edited by Jyoti Narayan