EV Components Manufacturer Matel Raises ₹130 Cr To Accelerate R&D
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EV components manufacturer Matel Motion & Energy Solutions has raised ₹130 Cr ($13.6 Mn) in Series B funding round led by early-growth stage VC fund UC Impower, with participation from Catamaran and existing backer Transition VC.
The Pune-based cleantech startup said the fresh capital would be deployed to expand manufacturing capacity, advance R&D, and accelerate product development. It also planned to scale hiring across engineering and production functions.
As per cofounder Netai Patro, the capital will also allow the startup to expand its product range and entry into the electric commercial vehicles (CVs) segment as well as broadening its international footprint to acquire new customers worldwide.
Founded in 2017 by Patro, Sunil Patel, and Mahesh Toraskar, Matel Motion & Energy Solutions manufactures synchronous machines and motor controllers for e-mobility, industrial applications, agricultural pumping and the HVAC sector.
The startup claims to specialise in designing and manufacturing high-efficiency electric motors and controllers. It had already entered series production with multiple original equipment manufacturers (OEMs) across the two-wheeler, three-wheeler and industrial segments.
“With this capital, our primary focus will be accelerating our product roadmap with advanced R&D infrastructure and expanding state-of-the-art manufacturing set-up,” Patel said.
Prior to this round, the startup raised $4 Mn in a Series A funding round in 2024 in a round led by Transition VC. Other investors include Nikhil Kamath-backed Gruhas and Millenium Semiconductor’s founder Haresh Abichandani.
Matel competes with EV-focused manufacturers like Virya Mobility, Electra EV, Vecmocon Technologies, among others in this space.
Investors have been consistently on the look out of such startups operating in the electric mobility space to boost the localisation efforts of the EV players and double down on their expansion strategies.
In June along, EV maker Simple Energy closed its Series B funding round at ₹250 Cr ($26.3 Mn) in a mix of debt and equity to scale up manufacturing capacity and expand production, while EV rapid-charging startup Exponent Energy raised ₹200 Cr to accelerate R&D.
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