The Ahmedabad-based electric vehicle startup Matter has raised USD 25 million (nearly Rs 240 crore) in growth capital, with existing investors participating in the latest funding round. The company says the fresh capital will be used to expand manufacturing and supply-chain capacity, increase investments in distribution and brand building, and fund its next product cycle that includes an onslaught of four motorcycles.
- Four new electric motorcycles planned over the next 12-24 months
- Latest funding takes total capital raised to around Rs 1,000 crore
Matter’s planned motorcycles
To expand the Aera platform into new variants and rider segments
The latest funding takes Matter’s total capital raised to around Rs 1,000 crore, with over Rs 750 crore already deployed across manufacturing, research and development and market entry. The company says customer waitlists for its Aera electric motorcycle continue to grow.
Matter plans to launch four new electric motorcycles over the next 12 to 24 months. The new models will be based on the Aera platform and will use the company’s existing in-house powertrain, battery and software architecture.
The company says the new motorcycles will expand the Aera platform into additional variants and rider segments. Product development will also draw on the real-world experience accumulated from its existing vehicles.
Over the next 12 months, Matter plans to deploy the latest funding towards manufacturing and supply-chain expansion, along with investments in distribution and brand building.
Matter develops its powertrain, battery systems, control electronics and software in-house. It also manufactures its battery and powertrain systems and carries out vehicle assembly, supported by a supplier network of more than 150 companies.
The company currently has 111 granted patents. The Aera uses the brand’s unique 4-speed manual transmission, a liquid-cooled battery pack and an on-board charging system that can be used with a standard 5-amp household socket.
The Aera has a certified range of 172km and gets a 7-inch connected touchscreen with navigation, music and call integration.
With inputs from Eshisha Java
Vishal Venugopal
Azaman Chothia
