Matter is an energy storage and EV startup that manufactures two-wheelers. The startup secured $35 million in its ongoing series B funding round, led by VC firm Helena. The round saw participation from various investors, including Japan Airlines & Translink Innovation Fund, Capital 2B, Saad Bahwan Investment Management Company, and some notable family offices. The startup plans to use this fresh capital to expand its network, scale in manufacturing, supply chain, and marketing, and enhance its technologies.
The startup previously secured $10 million in its maiden equity round as a part of this round, and it is expected to close at 70 million USD. The startup data intelligence platform, kredible, predicted the company’s post-money valuation to be around $204 million. This valuation may increase after the completion of this series B round. Matter competes with e-bike companies, including RattanIndia enterprise’s Revolt, TVS-backed Ultraviolette, and Forge-backed Tork Motors. Matter offers e-bikes with power efficiency, are lightweight, are easy to maintain, and have software compatibility with existing systems.
Matter Motors launched its maiden bike last year and began pre-orders in May 2023. The startup reported its net losses during the pre-revenue stage to be over Rs 25 crore in FY23. The company serves a premium brand of two-wheeler electric bikes with a price range starting from Rs 1.7 lakh. The EV tech startup developed its in-house technology stack using data, machine intelligence, and software to offer AERA, a 4-speed hyper-shift geared EV bike.
Entrackr reported that the startup has achieved around 40,000 pre-bookings for AERA, which is set to start deliveries this festive season. The CEO of the matter, Mohal Lalbhai, mentioned that the company is looking to secure $100 million and $200 million in the next two years. This fund will be used to establish a new manufacturing unit with a capacity to exceed 1 million e-bike production. Ola Electric will enter the e-bike sector in the next two years. The EV startup plans to revolutionize the EV ecosystem by creating innovative solutions and meeting the growing market demands for Electric bikes.
Conclusion
Matter Motors is an energy storage and Electric Bike manufacturing startup that secured $35 million in its ongoing series B funding round from the VC firm Helena. The funding round saw participation from various investors, including Japan Airlines & Translink Innovation Fund, Capital 2B, Saad Bahwan Investment Management Company, and some notable family offices. The startup is estimated to have a post-allotment valuation of 204 million USD.
This startup aims to use this investment to strengthen its market presence, optimize its supply chain and marketing, and expand its nationwide network. Matter Motors intends to use this amount to scale up its in-house infrastructure and accelerate its innovative electric mobility solutions. This electric mobility startup uses several technologies to work on IoT solutions. The startup secured $10 million as a part of this ongoing round, and it is expected to close at $70 million.
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