Matter Group Raises $35 Million for EV Expansion

Mumbai, Jul 3 (PTI) EV and energy storage startup Matter Group on Wednesday announced securing USD 35 million in the ongoing Series B funding round led by the US-based problem-solving organisation Helena.

The capital will accelerate the company's efforts in scaling up manufacturing, supply chain, marketing and retail expansion to meet the growing demand for sustainable, high-performance mobility solutions, Matter said in a statement.

The other investors, who participated in this round, include Capital 2B, Japan Airlines, Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest) as well as other institutional investors and Family Offices, the EV manufacturer said.

"Matter Group announces securing the first tranche of USD 35 million in the current investment round led by Helena, a US-based global problem-solving organisation, which invested through its venture capital arm," the company said.

Accentuating Matter's agile approach towards innovation in electric vehicles, the funding validates the company's continued commitment to its two-pronged approach - empowering mobility and fostering a cleaner future, by prominent impact-oriented institutions, it stated.

"We have onboarded Helena and notable investors (with this fund raise). We are creating accessible, reliable, and high-performance products driven by our technology," said Mohal Lalbhai, Founder and CEO of Matter Group.

Set up in 2019, the Ahmedabad-based firm has invested extensively in technology development with the "Innovate in India" approach to develop futuristic electric vehicle platforms and energy storage systems, as per the statement.

The deliveries of the company's first 4-speed hyper-shift geared electric motorbike AERA, which it launched for the domestic market in March last year and has seen 40,000 pre-bookings, are set to commence from the festive season this year, Matter said.

The in-house developed advanced 5 KWh liquid-cooled batteries and powertrain equipped delivers over 125 kms range per charge, with a 5-amp onboard charging system, along with features such as internet-enabled navigation, music, calls, and a touchscreen, among others.

"We believe it is an inevitability that transportation in this market will electrify, and India is the most exciting place in the world for that transition to materialise. The partnership with Matter will reshape the electric vehicle landscape for India and for other emerging markets to address our shared global climate challenges," said Suprotik Basu, Managing Partner of Helena.