In a significant stride towards revolutionizing electric mobility, Matel, a pioneering homegrown mobility and energy solutions company, has secured $4 million in a Series A funding round. Transition VC spearheaded the investment, joined by Gruhas and Haresh Abichandani, Founder of Millenium Semiconductor. The transaction advisory was exclusively facilitated by Steer Advisors.
Established in 2017, Matel has emerged as a frontrunner in manufacturing synchronous machines and motor controllers tailored for diverse applications including e-mobility, industrial usage, agricultural pumping, and HVAC systems. Led by Mahesh Toraskar, Sunil Patel, and Netaji C Patro, stalwarts with a cumulative experience exceeding 75 years in the Automotive and Engineering Software sectors, Matel champions a vision of developing ultra-efficient, innovation-driven Electric Drivetrains to bolster sustainability efforts.
The recent funding infusion marks a pivotal juncture for Matel, empowering the company to amplify production capacities, fuel new product development initiatives, and bolster its research and development endeavors over the next three years. Mahesh Toraskar, the Founder of Matel, articulated, “This fundraise marks a pivotal moment in our journey, empowering us to further enhance the experience of our customers and partners while simultaneously advancing our vision for a sustainable future.”
Matel’s repertoire encompasses a wide array of powertrains catering to various EV segments, including 2-wheelers, 3-wheelers, 4-wheelers, buses, and off-road vehicles. Notably, the company commenced mass production of powertrains in April ’24 post successful validation and certification by prominent EV OEMs.
Transition VC, expressing confidence in Matel’s trajectory, emphasized the founders’ prowess derived from their stints with industry titans such as Bajaj, Ola, and Maruti Suzuki. Raiyaan Shingati, Co-founder & Managing Partner at Transition VC, highlighted Matel’s integrated product approach as a catalyst for unlocking significant efficiencies within the EV value chain.
Moreover, Mohammed Shoeb Ali, Co-founder & Managing Partner at Transition VC, underscored the imperative of enhancing motor efficiencies in achieving global decarbonization goals. He lauded Matel’s relentless focus on R&D, scalable hardware, and software platforms, culminating in the development of higher-voltage and efficient power systems.
Nikhil Kamath, Co-founder of Gruhas, echoed the sentiment, emphasizing Matel’s pivotal role in propelling the energy transition paradigm. He reiterated Gruhas’s commitment to supporting homegrown brands driving positive change in the mobility and energy sectors.
Matel’s groundbreaking advancements in electric drivetrain technology not only promise enhanced performance and reliability but also underscore its commitment to sustainability and innovation. With aggressive product expansion plans on the horizon, Matel is poised to catalyze the transition towards a greener, electrified future.
