Baring-backed Matter raises $10 mn from Info Edge’s Capital 2B Fund, others

By Anuj Suvarna

  • 24 Jun 2022

Electric mobility and energy storage-focused startup Matter, operated by Matter Motor Works Pvt. Ltd on 24 June announced raising $10 million (around Rs 77 crore) in its first round of funding from Info Edge’s Capital 2B Fund 1, Climate Angel Fund and other Indian and overseas high networth individuals (HNIs).   

The electric vehicle (EV) maker, backed by private equity major Baring PE, will look to raise an additional $10 million.   

The company aims to launch its first electric motorcycle later this year. The fresh funds will be used towards the launch of this new vehicle and energy storage products. The company said it has invested $7.5 million in research and development so far.  

The startup launched an active liquid-cooled two-wheeler EV battery MatterEnergy 1.0 in April. It has also developed a drive-train solution in the form of Matter Drive 1.0.   

“Our beliefs reinforce the goal of delivering smart and transformational technology to every home in India. Matter is gearing up for its first electric motorcycle launch this year and we aim to develop a world-class portfolio of EV and energy storage products to catalyze the clean energy transition in India,” said Mohal Lalbhai, founder, chief executive officer, Matter.   

The electric mobility space in India is witnessing significant traction even as startups struggle to attract investment amid a prevailing funding winter.   

On 23 June EV charging network startup Statiq raised $25.7 million (over ₹200 crore) in a funding round led by Shell Ventures.  

Notably, the Indian EV space has seen interest from multiple West Asian players in the last couple of months. Earlier in June, Dubai-based META4 Group said it will invest Rs 250 crore to set up an electric vehicle plant in the southern state of Telangana, marking its foray into the green mobility space in the country.   

Similarly, Saudi Arabia-based global investor Abdul Latif Jameel committed to invest up to $220 million (around Rs 1,700 crore) in a 2-3-wheeler mobility company, Greaves Electric Mobility.   

Bengaluru-based Ather Energy has also initiated discussions with investment banks, mulling possibilities of an initial public offering (IPO) in the near future, VCCircle had reported.   

In May, 2-wheeler mobility startup eBikeGo said it had marked the final close of its pre-Series A funding of $5 million, again backed by multiple West Asian investors.  

“India with its talent pool, is uniquely placed to lead the next revolution in energy independence. We believe that the company has great potential to embark on a high growth trajectory, owing to their strength and the tailwinds that this segment now enjoys as institutionalization, technology, and accessibility increases,” said Vibhore Sharma, partner, Capital 2B. 

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