MATTER Nets $25 Mn To Scale Manufacturing, Launch Four New Electric Motorcycles

Ahmedabad-based electric motorcycle startup MATTER Motor Works has raised $25 Mn (₹240 Cr) in growth capital, anchored by its existing investors, including  Helena, Capital 2B, Japan Airlines & Translink Innovation Fund, and Shakopee Mdewakanton Sioux Community (SMSC).

The startup plans to deploy the capital over the next 12 months to expand its manufacturing and supply chain capacity, increase investments in brand building and distribution, and broaden its product portfolio. 

MATTER also plans to launch four electric motorcycles based on its AERA platform over the next 12–24 months. The upcoming models will target new variants and rider segments, using the startup’s in-house powertrain, battery, and software stack. 

The latest round takes MATTER’s total capital raised to around ₹1,000 Cr ($104 Mn). The startup said more than ₹750 Cr ($78 Mn) of this capital has already been deployed across manufacturing, research and development, and market entry.

“This capital accelerates two things at once, the growth engine that demand has already earned, and the product roadmap it unlocks: four new motorcycles built on the platform behind India’s first geared electric motorcycle, backed by 111 granted patents,” said founder and group CEO Mohal Lalbhai.

Founded in 2019 by Lalbhai, MATTER develops EV technology spanning powertrains, battery systems, control electronics, and software. It also undertakes battery and powertrain manufacturing, as well as vehicle assembly, with support from a network of more than 150 suppliers. 

Its flagship product, AERA, is positioned as India’s first geared electric motorcycle. It comes with a four-speed HyperShift manual transmission, a liquid-cooled battery and motor, and an onboard charging system compatible with a standard 5-amp household socket. 

The motorcycle offers a certified range of 172 kilometres on a single charge and features a seven-inch touchscreen with navigation, music, and call integration.

The funding comes as electric vehicles increase their share of India’s two-wheeler market. E2W registrations declined 1.7% MoM to 1.91 Lakh units in July from 1.94 Lakh units in June, but surged 85% YoY from 1.03 Lakh units in July 2025. TVS Motor bucked the sequential trend with double-digit growth and retained its leadership in the segment.

The broader EV ecosystem is also expanding, with cumulative EV registrations across vehicle categories crossing 1 Cr and EV penetration exceeding 8.5% of India’s automobile market, according to road transport and highways minister Nitin Gadkari.

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