Tech start-up, Matter announces first close of US$ 10 million to scale up its innovations in electric mobility and energy storage

Ahmedabad, June 24, 2022: Matter, a vertically integrated product tech start-up focused on electric mobility and energy storage, based out of Ahmedabad has raised an initial US$ 10 million in its latest round of funding. The round drew interest from a diverse set of investors including Capital 2B, a technology fund backed by Infoedge, Climate Angels Fund, and other marquee Indian and overseas HNI’s. They now join the founders and the existing investor including Baring Private Equity Partners in this journey.

Since its inception in 2019; Matter has invested US$ 7.5 million of capital into the research and development of its proprietary technology stack which has already resulted in the market launch of MatterEnergy 1.0, India’s first active liquid-cooled 2-Wheeler EV battery, and significant work on novel drive-train solution in form of Matter Drive 1.0. MatterEnergy 1.0 is well suited to address the pressing concerns around ‘active thermal management in E2Ws.      

The new investments of US$ 10 Million will be utilized towards the launch of its exciting line of electric mobility and energy storage products, that are designed and innovated for India and the world using a completely new ground-up approach. The Company intends to launch its first and best-in-class EV motorcycle later in the year and believes that once launched the vehicle will set new benchmarks in the Indian E2W industry.

Mohal Lalbhai, Founder and CEO, Matter expressed, “We welcome our new investors to the endeavor of electric mobility transition and energy empowerment. 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.”

Vibhore Sharma, Partner- Capital 2B said, “India with its vast talent pool, and for the reason of being energy-hungry, 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. Matter, with its homegrown technology stack, is set to redefine the two-wheeler mobility and energy segments. Matter is one of the first investments from our Fund, and is promising of an exciting journey, one to which I would be as close to the action as possible!”

Rahul Bhasin, Managing Partner, Baring Private Equity Partners India shared his views on the investment, “Baring in India, has successfully partnered with entrepreneurs in building and growing multiple new-age businesses. Matter has created exciting products that will make a positive impact on people and the planet. We support Matter’s initiatives in greening and cleaning India. Matter’s product portfolio, EVs and Energy Storage products for every Indian home, should help progress towards creating a more sustainable future for our country."