Matter, an EV tech and energy storage firm revealed that it has raised a first tranche of $35 million in Series B funding round backed by US-based venture capital firm Helena.

Some other prominent investors in this round include, Capital 2B, Japan Airlines & Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest), other Institutional investors and Family Offices.

As per the startup, it will use the funds to accelerate MATTER’s innovations in electric motorbikes and scaling in manufacturing, supply chain, marketing and retail, the company said in a press release.

The firm recently secured $10 million as a part of the ongoing round which is likely to be closed at around $70 million.

As per the report, the company has been valued at around Rs 1,690 crore or $204 million post-allotment. The valuation will vary after the completion of the round.

Matter| EV tech and energy storage firm

Matter launched its maiden bike in early 2023 and began its pre-orders in the month of May 2023. The firm has developed its in-house technology stack, using the power of data, software and machine intelligence to create a 4-speed hyper-shift geared electric motorbike, AERA.

As per the company, its product empowers riders to charge anywhere by delivering over 125 kms range per charge with a 5-amp onboard charging system.

Matter was in the pre-revenue stage during the fiscal year ended March 2023 while the losses for the firm stood at Rs 25 crore in the same period. It’s yet to file its annual results for FY24.

The firm competes with Bharat Forge-backed Tork Motors, TVS-backed Ultraviolette and RattanIndia Enterprises-controlled Revolt.

Speaking about the development, Mohal Lalbhai, Founder and CEO of Matter Group, said,

“We have onboarded Helena and notable investors (with this fund raise). We are creating accessible, reliable, and high-performance products driven by our technology.”

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