Electric mobility startup Matter on Friday said it has raised USD 10 million (nearly Rs 80 crore) in its latest round of funding from investors, including Capital 2B, a technology fund backed by Infoedge and Climate Angels Fund. The new investors now join the founders and existing investors, including Baring Private Equity Partners, the company said in a statement.
The fresh capital will be deployed towards continuous technological innovations, manufacturing, and marketing, it added.
These include launching a line of electric mobility and energy storage products that are designed and innovated for India and the world using a completely new ground-up approach, Matter said, adding it also intends to launch its first electric motorcycle later in the year.
“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 catalyse the clean energy transition in India,” company Founder and CEO Mohal Lalbhai said.
Commenting on the investment, Capital 2B Partner, Vibhore Sharma said,”Matter, with its homegrown technology stack, is set to redefine the two-wheeler mobility and energy segments. Matter is one of the first investments from our fund, and is promising of an exciting journey…”
Baring Private Equity Partners India Managing Partner Rahul Bhasin said Matter has created products that will make a positive impact on people and the planet.
“We support Matter’s initiatives in greening and cleaning India. Matter’s product portfolio, EVs and energy storage products for every Indian home, should help progress towards creating a more sustainable future for our country,” Bhasin said.
With an estimated 6.7 million pure EVs operational worldwide and 34.7 million predicted globally by 2030, the potential for battery reuse is vast, as is the need to ensure the resources in the batteries are used effectively, the company said in a release said on Friday.