Matel, a mobility and energy solutions startup recently secured $4 million in its series A round. The  round had participation from Gruhas, and Haresh Abichandani, and was led by Transition VC. The  startup will be using funds to expand its team size and will be doubling the research & development  team. 

Matel was founded in 2017, the startup aims for continuous improvement and has established a best in-class manufacturing facility inculcating a quality-first method. Matel is a manufacturer of electric  vehicle components such as motor control units and power trains. The startup manufactures machines  and motor controllers for e-mobility, agricultural pumping, industrial applications, and the HVAC  sector.

They are specialized in designing and manufacturing high-efficiency electric controllers and  components. Matel offers the industrial sector with full-stack powertrain solutions to OEMs of  Electrical Vehicles and the industrial sector. The startup offers all kinds of applications in EVs including  4-wheelers, 3-wheelers, or 2-wheelers.  

The startup received successful validation and certification by various EV OEMs this year. They are  planning to deliver productsin 600 w with a 200 kw power range by FY26. With plans to go into electric  motors required in the defense sector, Matel is expected to exceed Rs 100 crore in annual sales by next  year. The founder of Matel, Mahesh Toraskar said that the startup is planning to use raised capital  funds for scaling up the production, creating new products, and expanding the R&D team. The startup  will focus on enhancing all required equipment and technology in upcoming years. 

According to a report by inc42, An electric 2-wheeler manufacturer was working in the final stages of  securing $75 million to $90 million in primary funding from its existing investors, last month. The EV  startups market reach value is estimated to reach over $110.74 billion by 2029. Transition VC and other  investors have expressed confidence in Matel’s potential to drive positive change in the mobility and  energy solutions sectors. This funding round highlights the growing interest and support for innovative  startups within India’s EV industry.

Conclusion: 

Matel, a mobility and energy solutions startup recently secured $4 million in its series A round. The  round had participation from Gruhas, and Haresh Abichandani, and was led by Transition VC. The  startup received successful validation and certification by various EV OEMs this year. Matel aims for  continuous improvement and has established a best-in-class manufacturing facility inculcating a  quality-first method. Matel is a manufacturer of electric vehicle components such as motor control  units and power trains.

The startup manufactures machines and motor controllers for e-mobility,  agricultural pumping, industrial applications, and the HVAC sector. They are specialized in designing  and manufacturing high-efficiency electric controllers and components. Transition VC and other  investors have expressed confidence in Matel’s potential to drive positive change in the mobility and  energy solutions sectors.

This funding round highlights the growing interest and support for innovative  startups within India’s EV industry. They are specialized in designing and manufacturing high-efficiency  electric controllers and components. Matel offers the industrial sector with full-stack powertrain  solutions to OEMs of Electrical Vehicles and the industrial sector.