EV Startup Matter raises $35 million in ongoing Series B round

Matter Aera Bike

Electric Vehicle maker Matter, on July 3, announced raising $35 million in its ongoing Series B round led by US-based non-profit organisation Helena with participation from Capital 2B, Japan Airlines & Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest), other Institutional investors and Family Offices.

The firm will utilise the funding towards scaling its manufacturing and supply chain, the firm said in a statement.

"We are dedicated to creating accessible, reliable, and high-performance products driven by our innovative technology. Leading this complex mobility transformation are over 600+ MATTER innovators, who keep riders at the forefront of our efforts," said Mohal Lalbhai, Founder & CEO of Matter Group

This Ahmedabad-based firm was founded in 2019 Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu. The firm produces premium electric motorcycles.

Matter launched its first geared electric motorbike AERA for the Indian market which hit the road in 2023.

"Leading this complex mobility transformation are over 600+ Matter innovators, who keep riders at the forefront of our efforts. With Matter electric motorbikes, we are ready to embrace a new reality and rewrite the rules of mobility by transforming the world’s largest two-wheeler market," said Lalbhai.

The EV maker's consumer front is led by more than 100 dealer partners who will be creating a first-of-its-kind retail experience. reinforced by the most innovative suppliers. This partner ecosystem is enthusiastic and geared up to create a better future for the planet and people.

In 2022, the company secured $10 million from investors including InfoEdge's Capital 2B Fund 1, Climate Angels Fund, and others.

"The Matter team has impressed us immensely with their approach towards value-driven, high-performance technology products. It has been wonderful to see the initial positive consumer traction, and strong progress from the company thus far," said Suprotik Basu, Managing Partner of Helena.