Electric motorcycles maker Matter raises $10 million to fund product development, manufacturing base

Mumbai: Ahmedabad-based electric vehicles (EV) and electricity storage solutions startup Matter on Friday said that it has closed a $10-million round of funding from investors including Capital 2B, Climate Angels Fund, and other wealthy Indian and foreign-based individuals.
The company plans to use these funds for product development, setting up a manufacturing base, and scaling up marketing and distribution, according to Mohal Lalbhai, the founder and chief executive of the company.

Matter is working on launching its first electric motorcycle in the latter half of this year. At a time when electric two-wheelers catching fire has been at the top of the consumers' minds, the company claims that it will be making the first electric two-wheeler in India with an active cooling system for its batteries.

The company was started three years ago by Arun Pratap Singh, Kumar Prasad Telikepalli, Saran Babu and Lalbhai.

Matter has designed its own motor, battery pack, controller and dashboard among other key components, Lalbhai said. While it will manufacture its own motor and battery pack, manufacturing of the rest of the components will be outsourced, he said.

The company has subsidiarised its energy storage division into Matter Energy which will work on battery technology for the parent company. It will also sell stationary batteries for applications like telecom towers and power storage.

“The market opportunity in energy storage today is unbelievable,” Lalbhai told ET, adding that it has already onboarded customers in this space.