Matter, a prominent electric vehicle and energy storage startup based in Ahmedabad, has successfully raised $35 million in its ongoing Series B funding round. The funding was led by Helena, a US-based organization dedicated to solving global challenges. This significant capital injection aims to accelerate the company’s manufacturing capabilities, supply chain enhancements, marketing strategies, and retail expansion to meet the increasing demand for sustainable and high-performance mobility solutions.
In addition to Helena, the funding round saw participation from a diverse group of investors, including Capital 2B, Japan Airlines, Translink Innovation Fund, and Saad Bahwan Investment Management Company (SB Invest), among others. This broad investor interest underscores the confidence in Matter Group’s innovative approach to electric vehicles.
Founded in 2019, Matter Group has adopted an “Innovate in India” strategy, investing heavily in the development of advanced electric vehicle platforms and energy storage systems. The company is poised to commence deliveries of its first 4-speed hyper-shift geared electric motorbike, AERA, which boasts 40,000 pre-bookings since its domestic market launch last year. The AERA features cutting-edge technology, including in-house developed 5 KWh liquid-cooled batteries and powertrain, delivering over 125 kilometers per charge. Additional features include internet-enabled navigation, music, calls, and a touchscreen interface.
Founder and CEO Mohal Lalbhai emphasized the company’s commitment to creating accessible, reliable, and high-performance products driven by their proprietary technology. He noted that the new funding will further empower Matter Group to advance its mission of fostering a cleaner future through innovative mobility solutions.
Suprotik Basu, Managing Partner of Helena, expressed optimism about the partnership with Matter Group, highlighting the pivotal role India will play in the global transition to electric transportation. He emphasized that this collaboration will significantly impact the electric vehicle landscape in India and other emerging markets, contributing to global efforts to combat climate change.