Matter is an energy storage and EV startup that manufactures two-wheelers. The startup secured $35 million in its ongoing series B funding round led by VC firm Helena. The funding round saw participation  from various investors including Japan Airlines & Translink Innovation Fund, Capital 2B, Saad Bahwan  Investment Management Company, and some notable family offices. The startup plansto use this fresh  capital to expand its network, scale in manufacturing, supply chain, marketing, and enhance its  technologies. 

The startup previously secured $10 million in its maiden equity round as a part of this round and it is  expected to close at 70 million USD. The startup data intelligence platform, the kredible predicted the  post-money valuation of the company to be around $204 million. This valuation may increase after the  completion of this series B round. Matter competes with e-bike companies including RattanIndia  enterprise’s Revolt, TVS-backed Ultraviolette, and Forge-backed Tork Motors. Matter offers e-bikes  with power efficiency, lightweight, ease of maintenance, and software compatibility with existing  systems. 

Matter Motors launched its maiden bike last year and began pre-orders in May 2023. The startup reported its net losses during the pre-revenue stage to be over Rs 25 crore in FY23. The company serves a premium brand of two-wheeler electric bikes with a price range starting from Rs 1.7 lakh. The  EV tech startup developed its in-house technology stack using the data, machine intelligence, and  software to offer AERA, which is a 4-speed hyper-shift geared EV bike.  

Entrackr reported that the startup has achieved around 40,000 pre-bookings for AERA which is set to  start deliveries this festive season. The CEO of the matter, Mohal Lalbhai mentioned that the company  is looking to secure $100 million and $200 million in the next two years. This fund will be used to  establish a new manufacturing unit with a capacity to exceed 1 million e-bike production. Ola Electric is expected to enter the e-bike sector in the next two years. The EV startup plans to revolutionize the  EV ecosystem by creating innovative solutions and meeting the growing market demands for Electric bikes. 

Conclusion: 

Matter Motors is an energy storage and Electric Bike manufacturing startup that secured $35 million  in its ongoing series B funding round from the VC firm Helena. The funding round saw participation  from various investors including Japan Airlines & Translink Innovation Fund, Capital 2B, Saad Bahwan  Investment Management Company, and some notable family offices. The startup is estimated to have  a post-allotment valuation of 204 million USD. This startup aims to use this investment to strengthen  its market presence, optimize its supply chain, and marketing, and expand its network across the  country. Matter Motors intends to use this amount to scale up its in-house infrastructure and  accelerate the company’s electric mobility innovative solutions. This electric mobility startup uses  several technologies to work on IoT solutions. The startup secured $10 million as a part of this ongoing  round and it is expected to close at $70 million.