India's Matter Raises $35M Series B for E-Mobility Expansion
The US-based Helena is leading the $35 million (about INR 290 crore) Series B investment round for Matter, an electric motorcycle manufacturer. A few institutional investors, family offices, Saad Bahwan Investment Management Company (SB Invest), Info Edge’s Capital 2B, Japan Airlines & Translink Innovation Fund, and a few more investors participated in the round.
The e-mobility firm intends to fortify its supply chain and expedite its manufacturing plans with the additional funding. The money will also be used for marketing and opening retail locations.
The business raised over $10 Mn (INR 82.6 Cr) in a funding round, according to a report published by Inc42 last week. According to Matter, the $35 million fundraising round included this funding as well.
CEO and creator of Matter, Mohal Lalbhai, told Inc42 that the company is hoping to raise between $65 and $70 million in a Series B investment, with the $35 million being the first tranche.
Matter, which was founded in 2019 by Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu, asserts that it is the creator of its own proprietary technological stack, which consists of a driving train and energy storage devices. The business has also worked on developing its electric motorcycle, AERA, over time.
“The lopsided nature of India’s electric two-wheeler market is that there are almost zero motorcycles and 100% escooters. This is a disconnect from the internal combustion engine market, which comprises two-thirds motorcycles and one-thirds scooters. Barring a few players, nobody else is playing in this space. We wanted to ensure that once we start supplies, the supplies stay consistent and we can keep scaling up,” said Lalbhai.
Because of his belief that a robust distribution network is essential to this industry, Matter is aiming to open outlets. August will see the opening of its first flagship location in Ahmedabad. The EV manufacturer then intends to increase the number of stores it has in Mumbai, Pune, Bengaluru, Hyderabad, Chennai, Delhi, and Assam.
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