Matel, a Mobility and energy solutions startup has secured $4 million in its Series A funding round, led by Transition VC. The round also saw participation from Gruhas and Haresh Abichandani.

As per the startup, the funds will be used to expand the team, which is currently sized 60 people, with hiring focused on doubling the research and development (R&D) team.

Matel | Mobility and Energy Solutions Startup

Founded by Toraskar, Sunil Patel and Netaji C Patro in the year 2017, Matel manufactures synchronous machines and motor controllers for e-mobility, industrial applications, agricultural pumping, and HVAC sector. The startup is having its specialization in designing and manufacturing high-efficiency electric motors and controllers, it offers a full-stack powertrain solution to OEMs of EVs and the industrial sector.

The startup provides application in all kinds of EVs which includes 2-wheelers, 3-wheelers, 4-Wheelers, buses and off-road vehicles. It started the mass production of powertrains in the month of April 2024 after receiving successful validation and certification by various EV OEMs.

Speaking about the development, Mahesh Toraskar, founder of Matel, said,

“We plan to allocate the raised capital for scaling up production, new product development, and expanding our R&D team and required equipment over the next 3-years”.

In 2025, it will start supplying products for traction and auxiliary applications in the CV segment, which is in the 350V segment and up to 100 KW power. 

Furthermore, Matel will also start delivering products in 600V and 200 KW power range in FY26, which are currently under the design phase.  

Over the next two years, Matel plans to foray into electric motors required in the defense sector. With an order book already in hand and firm plans for product portfolio expansion, Matel is looking forward to exceeding Rs 100 crore in annual sales by next year.

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