Electric Motorcycle Maker MATTER Raises $25 Million for Expansion
Indian electric motorcycle startup MATTER has secured $25 million in growth capital. The funds will be used to scale manufacturing operations and launch four new electric motorcycle models.
Ahmedabad-based electric motorcycle manufacturer MATTER Motor Works has raised $25 million in growth capital from its existing investors. The company intends to deploy the funds over the next 12 months to expand its manufacturing and supply chain capacity, increase investments in brand building and distribution, and broaden its product portfolio.
MATTER also plans to introduce four new electric motorcycle models based on its AERA platform within the next 12 to 24 months. These upcoming models are designed to target new variants and rider segments, utilizing the company's in-house developed powertrain, battery, and software technology.
With this latest funding round, MATTER has raised a total of approximately $104 million. The company stated that over $78 million of this capital has already been allocated to manufacturing, research and development, and market entry initiatives.
The funding comes as electric vehicles gain traction in India's two-wheeler market. MATTER's flagship product, the AERA, is positioned as India's first geared electric motorcycle, offering a range of 172 kilometers on a single charge and featuring a seven-inch touchscreen display.