Matter Motor, an EV tech and energy storage firm in India, has raised $35 million as part of the first tranche of its Series B round, led by US-based venture capital firm Helena.
Capital 2B, Japan Airlines & Translink Innovation Fund, and Saad Bahwan Investment Management Company (SB Invest), besides other institutional firms and family offices, joined the round.
The company plans to use the proceeds to ramp up innovation in electric motorbikes and scale various business divisions such as manufacturing, supply chain, marketing, and retail.
The company is seeking to raise a total of $70 million in the Series B round, Entrackr reported.
Matter, founded in 2019, made headlines when it launched its maiden electric motorbike AERA. Subsequently, it began its pre-orders in May 2023, claiming to have secured 40,000 pre-bookings.
While Matter is yet to file its annual results for the financial year 2024, a year before that, the company was in the pre-revenue stage, when its losses stood at Rs 25 crore, the Entrackr report stated.
Matter competes with the likes of Bharat Forge-backed Tork Motors, TVS-backed Ultraviolette and RattanIndia Enterprises-controlled Revolt.
Other players that are looking at the e-bike segment include names such as Ola Electric. The company is reportedly targeting to make a foray into the segment by 2026.