Matter Motors is an electric mobility that manufactures two-wheelers. The startup secured $10 million in its maiden round of equity funding. The round saw participation from various investors, including Japan Airlines & Translink Fund, Miracle Carriers, and Helena Special Investment Fund. The startup plans to use these funds to expand its network, enhance its technologies, and meet general corporate purposes. We are disscusing Electric Mobility startup Matter Motors secured $10 million in its maiden equity funding round.
We are disscusing the Electric Mobility startup Matter Motors secured $10 million in its maiden equity funding round:
The board at Matter has approved a resolution to allot 1,12,837 CCPS at an issue price of Rs 7,320 each to raise $10 million. The company secured a Rs 25 crore investment from Japan Airlines & Translink Fund, followed by a Rs 10.8 crore investment from a 2 B fund. The startup data intelligence platform The Kredible mentioned the company’s post-money allotment valuation to be around 204 million USD. The startup planned to raise $200 million to expand its network distribution, operations, and infrastructure.
This EV manufacturing startup launched its maiden bike last year and opened pre-orders in May 2023. Matter reported its net losses to be around Rs 25 crore in FY23 during its pre-revenue stage. The company is a premium brand that offers two-wheeler electric vehicles with a price range starting from Rs 1.7 lakh. The company competes with e-bike companies, including TVS-backed Ultraviolette, RattanIndia enterprise’s Revolt, and Forge-backed Tork Motors.
The company will use this fund to strengthen its market presence, make it more secure, and expand across the country. Matter intends to use this amount to scale up its in-house infrastructure, grow the EV market, and advance its technology. This Airtel-partnered EV mobility startup leverages various technologies to work on IoT solution deployment. The Ahmedabad-based startup aims to revolutionize the electric ecosystem by developing integrated solutions and meeting the growing market demands for EV bikes.
Conclusion
Matter Motors is an electric vehicle and components manufacturing startup that secured $10 million in its maiden equity round from investors, including Japan Airlines & Translink Fund, Miracle Carriers, and Helena Special Investment Fund. The company is expected to have a post-allotment valuation of 204 million USD. This startup aims to use this investment to strengthen its market presence, make it more secure, and expand across the country. Matter Motors intends to use this amount to scale up its in-house infrastructure, grow the EV market, and advance its technology.
This EV manufacturing startup launched its maiden bike last year and opened pre-orders in May 2023. Matter reported its net losses to be around Rs 25 crore in FY23 during its pre-revenue stage. The company is a premium brand that offers two-wheeler electric vehicles with a price range starting from Rs 1.7 lakh. The company competes with e-bike companies, including TVS-backed Ultraviolette, RattanIndia enterprise’s Revolt, and Forge-backed Tork Motors. This electric bike manufacturing startup uses various technologies to work on IoT solutions. The company offers two-wheeler electric vehicles with a price range starting from Rs 1.7 lakh. The board has approved a resolution to allot CCPS to raise $10 million.
