EV Components Manufacturer Matel Raises ₹130 Cr To Accelerate R&D

EV components manufacturer Matel Motion & Energy Solutions has secured ₹130 Cr ($13.6 Mn) in Series B funding as it aims to expedite its research and development efforts. The Pune-based cleantech startup disclosed that the fresh capital will be allocated to augment manufacturing capacity, propel research and development, and hasten product development.

Additionally, it intends to ramp up its workforce across engineering and production sectors. Co-founder Netai Patro highlighted that the investment will also enable the company to broaden its product portfolio and venture into the electric commercial vehicles (EV) segment, while extending its international reach to attract new clients globally.

Established in 2017 by Patro, Sunil Patel, and Mahesh Toraskar, Matel Motion & Energy Solutions specializes in crafting high-efficiency electric motors and controllers for e-mobility, industrial applications, agricultural pumping, and the HVAC sector. The company has already transitioned to series production with multiple original equipment manufacturers (OEMs) in the two-wheeler, three-wheeler, and industrial segments.

Prior to this funding round, Matel had raised $4 Mn in a Series A round in 2024, led by Transition VC, and other backers included Gruhas and Haresh Abichandani, the founder of Millenium Semiconductor. Matel faces competition from other EV manufacturers such as Virya Mobility, Electra EV, and Vecmocon Technologies. Investors have shown steady interest in startups operating within the electric mobility domain to bolster localisation initiatives and propel expansion strategies.

In June, EV manufacturer Simple Energy concluded its Series B round of ₹250 Cr ($26.3 Mn) to upscale manufacturing capabilities and expand production, while EV rapid-charging firm Exponent Energy amassed ₹200 Cr to speed up R&D.