Matter, an electric two-wheeler startup based in Ahmedabad, has raised $10 Million in its most recent round of funding. Capital 2B Fund1 was a technology fund that was backed by Infoedge, Climate Angels Fund and other prominent Indian and foreign HNI’s were the key investors. As the brand prepares to launch its first electric offering later this year, the new investors will join existing investors and founders such as Baring Private Equity Partners.
Matter claims that the new round will be used to launch electric mobility and energy storage products, especially designed and developed for India and the rest of the world with a completely new ground-up approach. The company began operations in 2019 and has already invested approximately $7.5 million in R&D and the development of a unique technology stack. The MatterEnergy 1.0 is the first liquid-cooled, active two-wheeler EV battery in the country. Matter is currently developing its drivetrain solution to its upcoming electric bike.
Mohal Lalbhai, Founder and CEO, of Matter, said, “We welcome our new investors to the endeavour of electric mobility transition and energy empowerment. Our beliefs reinforce the goal of delivering smart and transformational technology to every home in India. 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 catalyze the clean energy transition in India.”
Vibhore Sharma, Partner – Capital 2B said, “India with its vast talent pool, and for the reason of being energy-hungry, is uniquely placed to lead the next revolution in energy independence. We believe that the company has great potential to embark on a high growth trajectory, owing to their strength and the tailwinds that this segment now enjoys as institutionalization, technology, and accessibility increase. 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 shared his views on the investment, “Baring in India, has successfully partnered with entrepreneurs in building and growing multiple new-age businesses. Matter has created exciting products that will make a positive impact on people and the planet. 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.”
Matter’s electric motorcycle will arrive in September. It is expected to include India’s first liquid-cooled motor and battery. Details about the pricing, power, and range of the upcoming offering are still being kept secret. However, the company promises a high-performance offering. It will be manufactured at Matter’s Ahmedabad facility which has a capacity to produce 60,000 units annually. Matter offers energy storage solutions, and is currently working on swappable battery technology as well as high-density storage options.