Matter Motor is a pioneering company in the electric vehicle (EV) tech and energy storage sector, founded in 2022. The company is dedicated to developing advanced electric motorbikes that integrate cutting-edge technology and sustainable energy solutions.
EV tech and energy storage firm Matter Motor has raised $35 million in the first tranche of its Series B round. The round is led by US-based venture capital firm Helena, with participation from Capital 2B, Japan Airlines & Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest), and other institutional investors and family offices.
Funding Utilization
The newly secured capital will be used to accelerate Matter’s innovations in electric motorbikes. The funds will support scaling in manufacturing, supply chain, marketing, and retail operations, according to the company’s press release.
Previous and Ongoing Funding
Matter previously raised $10 million as part of the ongoing Series B round, which is expected to close at around $70 million. Post-allotment, TheKredible estimates the company’s valuation at approximately Rs 1,690 crore ($204 million), with potential variations upon the round’s completion.
Product Launch and Pre-Orders
Matter launched its first electric motorbike, AERA, in early 2023, with pre-orders starting in May 2023. The AERA features a 4-speed hyper-shift geared system, delivering over 125 kilometers per charge with a 5-amp onboard charging system. The company has secured 40,000 pre-bookings for the AERA, with deliveries set to begin this festive season.
Future Plans
Matter’s CEO announced plans to raise between $100 million and $200 million over the next two years to establish a new manufacturing facility, aiming for a total installed capacity to produce 1 million e-motorbikes.
Financial Status and Competition
In the fiscal year ending March 2023, Matter was in the pre-revenue stage, with losses amounting to Rs 25 crore. The company has not yet filed its annual results for FY24.
Matter competes in the premium e-bike segment with companies like Bharat Forge-backed Tork Motors, TVS-backed Ultraviolette, and RattanIndia Enterprises-controlled Revolt. Additionally, Ola Electric, which currently manufactures electric scooters, plans to enter the e-bike market by early 2026.
Avinash Dyal