Matter, an Ahmedabad-based electric mobility and energy storage-focused startup, has raised $10 million (around Rs 77 crore) in its first round of funding from Info Edge’s Capital 2B Fund 1, Climate Angel Fund and other Indian and overseas high net-worth individuals (HNIs).  

As per the startup, the raised funds will be used for product development, setting up a manufacturing base, and scaling up marketing and distribution.

Matter | Making The Future Truly ‘Electric’

Founded by Arun Pratap Singh, Kumar Prasad Telikepalli, Saran Babu and Mohal Lalbhai, Matter is an Ahmedabad-based electric mobility and energy storage-focused startup building futuristic electric vehicle platforms and energy storage solutions. 

Speaking on the development, Mohal Lalbhai, Founder and chief executive officer of Matter, said,

“Our beliefs reinforce the goal of delivering smart and transformational technology to every home in India. Matter is gearing up for its first electric motorcycle launch this year, and we aim to develop a world-class portfolio of EV and energy storage products to catalyze the clean energy transition in India.”

Operated by Matter Motor Works Pvt. Ltd, the Ahmedabad-based startup aims to launch its first electric motorcycle later this year.

The startup has designed its own motor, battery pack, controller and dashboard, among other key components. As per the startup, while it will manufacture its own motor and battery pack, manufacturing of the rest of the components will be outsourced.

Additionally, the electric vehicle startup claims it will make the first electric two-wheeler in India, with an active cooling system for its batteries.

Matter has subsidiarised its energy storage division into Matter Energy, working on battery technology for the parent company. As per the startup, it will also sell stationary batteries for applications like telecom towers and power storage.

Amid a prevailing funding shortage season for startups, the Indian electric mobility space is witnessing significant traction. This year, several EV startups, including EV charging network startup Statiq, Bangalore-based EV manufacturer Altigreen and electric commercial vehicle startup EVage, raised funds.

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