Ahmedabad-based e-mobility start-up Matter announced raising an initial $10 million in the latest round of funding.
The round drew interests from a diverse set of investors including Capital 2B, a technology fund backed by Infoedge, Climate Angels Fund, and other marquee Indian and overseas HNIs. The company already has existing investors including Baring Private Equity Partners.
The new investment will be utilised towards the launch of its line of electric mobility and energy storage products, that are designed and innovated for India and the world using a completely new 'ground-up' approach, a statement said on Friday.
Matter intends to launch its first EV motorcycle later in the year.
Mohal Lalbhai, Founder and CEO, Matter, said, "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 catalyse the clean energy transition in India."
Since its inception in 2019, Matter has invested $ 7.5 million of capital towards research and development of its proprietary technology stack.
Vibhore Sharma, Partner-Capital 2B, said, "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 institutionalisation, technology, and accessibility increases. Matter is one of the first investments from our fund, and is promising an exciting journey."
Rahul Bhasin, Managing Partner, Baring Private Equity Partners India, said, "Matter has created exciting products that will make a positive impact on people and the planet. 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."
The company has already launched MatterEnergy 1.0, India’s first active liquid-cooled 2-wheeler EV battery. It is further conducting research on novel drive-train solution in the form of Matter Drive 1.0, which is well-suited to address the pressing concerns around ‘active thermal management in 2-wheeler EVs.'