EV Components Maker Matel Raises ₹130 Cr for Expansion
Pune-based EV components manufacturer Matel Motion & Energy Solutions has secured ₹130 crore ($13.6 million) in Series B funding. The capital will fuel expansion of manufacturing capacity and accelerate research and development.
Matel Motion & Energy Solutions, an Indian manufacturer of electric vehicle components, announced it has raised ₹130 crore (approximately $13.6 million) in a Series B funding round. The round was led by early-growth stage venture capital fund UC Impower, with participation from Catamaran and existing investor Transition VC.
The Pune-based cleantech startup stated the new capital will be allocated to expanding manufacturing capacity, advancing research and development efforts, and accelerating product development. The company also plans to increase hiring across its engineering and production functions.
This funding will enable Matel to broaden its product range and enter the electric commercial vehicles (CV) segment. Furthermore, the startup aims to expand its international footprint to acquire new customers worldwide.
Founded in 2017, Matel Motion & Energy Solutions specializes in manufacturing synchronous machines and motor controllers for e-mobility, industrial applications, agricultural pumping, and the HVAC sector. The company competes with other EV-focused manufacturers like Virya Mobility and Electra EV in the growing Indian market.