Matter Group, a leading EV and energy storage startup, announced that it has raised $35 million in an ongoing Series B funding round led by Helena, a US-based global problem-solving organization. This infusion of capital is aimed at accelerating the company’s initiatives in manufacturing, supply chain management, marketing, and retail expansion to meet the surging demand for sustainable, high-performance mobility solutions.
The funding round saw participation from prominent investors, including Capital 2B, Japan Airlines, Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest), as well as other institutional investors and Family Offices.
"Matter Group has secured the first tranche of $35 million in the current investment round, led by Helena through its venture capital arm", the company announced in a statement. "This funding round underscores Matter's agile approach towards innovation in electric vehicles, reflecting our continued commitment to a two-pronged strategy: empowering mobility and fostering a cleaner future".
Mohal Lalbhai, Founder and CEO of Matter Group, expressed optimism about the new partnership. “We have onboarded Helena and notable investors with this fundraise. We are creating accessible, reliable, and high-performance products driven by our technology", he stated.
Established in 2019, the Ahmedabad-based Matter Group has focused on technology development under its 'Innovate in India' approach, aiming to create advanced electric vehicle platforms and energy storage systems. The company's pioneering efforts have resulted in significant advancements in EV technology and energy storage solutions.
The latest capital will be instrumental in scaling up the production of Matter's first 4-speed hyper-shift geared electric motorbike, the AERA. Launched for the domestic market in March last year, the AERA has garnered over 40,000 pre-bookings. Deliveries are scheduled to commence during the upcoming festive season.
Equipped with in-house developed advanced 5 KWh liquid-cooled batteries and a powertrain, the AERA promises a range of over 125 kilometers per charge. It also features a 5-amp onboard charging system and is packed with modern amenities such as internet-enabled navigation, music, calls, and a touchscreen interface.
Commenting on the investment, Suprotik Basu, Managing Partner of Helena, highlighted the significance of the partnership. "We believe it is inevitable that transportation in this market will electrify, and India is the most exciting place in the world for that transition to materialize. Our partnership with Matter will reshape the electric vehicle landscape for India and other emerging markets, addressing our shared global climate challenges".
This funding round positions Matter Group to strengthen its foothold in the rapidly evolving electric vehicle market and reinforces its commitment to delivering cutting-edge, eco-friendly transportation solutions.