EV Startup Matter Secures $35 Million in Series B Funding Round

On July 3, electric vehicle maker Matter announced it had raised $35 million in its ongoing Series B funding round.

This round was led by the US-based non-profit organization Helena, with participation from Capital 2B, Japan Airlines & Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest), and other institutional investors and family offices.

Utilization of Funds

Matter plans to use the newly raised funds to scale its manufacturing and supply chain. This strategic move will enhance the firm's capacity to meet growing demand and optimize its operations.

According to a statement from the company, the funding will also support the continued development of high-performance and reliable products driven by innovative technology.

Leadership and Vision

Mohal Lalbhai, Founder & CEO of Matter Group, emphasized the company’s commitment to innovation and excellence. "We are dedicated to creating accessible, reliable, and high-performance products driven by our innovative technology.

Leading this complex mobility transformation are over 600+ MATTER innovators, who keep riders at the forefront of our efforts," said Lalbhai.

Founding and Early Achievements

Matter, based in Ahmedabad, was founded in 2019 by Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu. The firm specializes in producing premium electric motorcycles.

In 2023, Matter launched its first geared electric motorbike, AERA, for the Indian market, marking a significant milestone in the company’s journey.

Commitment to Innovation and Sustainability

Lalbhai highlighted the company's mission to revolutionize the mobility sector. "With Matter electric motorbikes, we are ready to embrace a new reality and rewrite the rules of mobility by transforming the world's largest two-wheeler market," he stated. This vision is supported by a team of over 600 innovators dedicated to keeping riders at the forefront of their efforts.

Dealer Network and Consumer Front

The consumer front for Matter is bolstered by more than 100 dealer partners, who are set to create a unique retail experience reinforced by innovative suppliers. This partner ecosystem is enthusiastic about contributing to a sustainable future for both the planet and its people.

Previous Funding and Investor Confidence

In 2022, Matter secured $10 million from investors, including InfoEdge's Capital 2B Fund 1, Climate Angels Fund, and others. The company's progress and the positive consumer response have impressed investors.

Suprotik Basu, a representative from Helena, remarked, "The Matter team has impressed us immensely with their approach towards value-driven, high-performance technology products. It has been wonderful to see the initial positive consumer traction and strong progress from the company thus far."

Conclusion

Matter's recent funding round highlights its growth potential and the confidence investors have in its innovative approach to electric vehicles. With a strong focus on high-performance products and sustainable practices, Matter is well-positioned to lead the transformation of the two-wheeler market in India and beyond. The company’s commitment to scaling its operations and enhancing its product offerings ensures a promising future for both Matter and its customers.