Matel, a mobility and energy solutions startup, recently secured $4 million in its series A round. Gruhas and Haresh Abichandani participated in the round, which was led by Transition VC. The startup will use the funds to expand its team and double its research and development team. Here we are talking about Mobility And Energy Solutions Startup, Matel, Secured $4 Million In a Series A Round.
Here we are discussing about Mobility And Energy Solutions Startup, Matel Secured $4 Million In a Series A Round :
Matel was founded in 2017, the startup aims for continuous improvement and has established a best in-class manufacturing facility inculcating a quality-first method. Mitel manufactures electric vehicle components such as motor control units and power trains. The startup manufactures machines and motor controllers for e-mobility, agricultural pumping, industrial applications, and the HVAC sector. They are specialized in designing and manufacturing high-efficiency electric controllers and components. Mitel offers the industrial sector full-stack powertrain solutions to OEMs of Electrical Vehicles and the industrial sector. The startup provides all kinds of applications in EVs, including 4-wheelers, 3-wheelers, and 2-wheelers.
The startup received successful validation and certification by various EV OEMs this year. They plan to deliver products in 600 w with a 200 kW power range by FY26. With plans to go into electric motors required in the defense sector, Matel is expected to exceed Rs 100 crore in annual sales by next year. The founder of Matel, Mahesh Toraskar said that the startup is planning to use raised capital funds for scaling up the production, creating new products, and expanding the R&D team. The startup will focus on enhancing all required equipment and technology in the coming years.
According to a report by inc42, An electric 2-wheeler manufacturer was working in the final stages of securing $75 million to $90 million in primary funding from its existing investors last month. The EV startup market’s reach value is estimated to reach over $110.74 billion by 2029. Transition VC and other investors have expressed confidence in Matel’s potential to drive positive change in the mobility and energy solutions sectors. This funding round highlights the growing interest and support for innovative startups within India’s EV industry.
CONCLUSION:
Matel, a mobility and energy solutions startup, recently secured $4 million in its series A round. The round had Gruhas and Haresh Abichandani participation and was led by Transition VC. The startup received successful validation and certification by various EV OEMs this year. Mattel aims for continuous improvement and has established a best-in-class manufacturing facility inculcating a quality-first method. Mitel manufactures electric vehicle components such as motor control units and power trains. The startup manufactures machines and motor controllers for e-mobility, agricultural pumping, industrial applications, and the HVAC sector.
They are specialized in designing and manufacturing high-efficiency electric controllers and components. Transition VC and other investors have expressed confidence in Matel’s potential to drive positive change in the mobility and energy solutions sectors. This funding round highlights the growing interest and support for innovative startups within India’s EV industry. They are specialized in designing and manufacturing high-efficiency electric controllers and components. Mitel offers the industrial sector full-stack powertrain solutions to OEMs of Electrical Vehicles and the industrial sector.
Matel’s successful Series A funding round represents a significant milestone for the mobility and energy solutions startup. With $4 million in fresh capital, Matel is well-equipped to advance its mission of revolutionizing urban transportation and energy consumption through innovative technology and sustainable practices. As the world increasingly prioritizes environmental sustainability and energy efficiency, Matel stands at the forefront of driving positive change and shaping the future of mobility and energy solutions.
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