Matter Motor Works Pvt. Ltd, a mobility startup that sells geared electric motorcycles, said Tuesday it has secured $25 million (Rs 240 crore) from its existing investors as part of its Series C funding round.
The company’s existing investors include US-based venture capital firm Helena, Mumbai-listed Info Edge’s VC fund Capital 2B, Japan Airlines’ Innovation Fund, and the Shakopee Mdewakanton Sioux Community (SMSC).
The new round takes the company’s total funding so far from external investors to Rs 1,000 crore, it said in a statement.
The company said it plans to use the growth capital for three core priorities: expanding manufacturing and supply-chain capacity to keep pace with order growth, scaling brand-building and distribution investment across markets, and broadening its product line.
“This capital accelerates two things at once, the growth engine that demand has already earned, and the product roadmap it unlocks: four new motorcycles built on the platform," said Mohal Lalbhai, Founder and Group CEO, Matter.
Matter, which is also backed by private equity firm Baring PE India, was set up in 2019. It says it has built India’s first geared electric motorcycle under the ‘AERA’ brand. Matter has built the EV bike with its in-house engineered technology stack, backed by 111 granted patents, the company says.
The bike has a proprietary four-speed manual transmission and a liquid-cooled battery pack and motor, delivering 172 km certified range per charge with charge-anywhere onboard charging. Matter has planned four new motorcycle launches ahead, and plans to extend into new variants and rider segments, it said in a statement.
The latest round comes more than two years after the Ahmedabad-based startup raised $35 million in its Series B round led by Helena. Earlier, in 2022, the company had raised $10 million in its first round of funding from Capital 2B Fund 1, Climate Angel Fund and some Indian and overseas high-net-worth individuals.