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E-Bike Maker Matter Secures USD 35 Mn in Series B Round Led by Helena With the raised capital, the Ahmedabad-based startup aims to accelerate its innovations in electric motorbikes and scale in manufacturing, supply chain, marketing, and retail.

By Entrepreneur Staff

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[L-R] Arun Pratap Singh, Kumar Prasad Telikepalli, Mohal Lalbhai, & Saran Babu, Co-founders of Matter

EV tech and energy storage firm Matter has announced the raising of the first tranche of USD 35 million in a Series B round led by US-based venture capital firm Helena.

Capital 2B, Japan Airlines & Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest), additional institutional investors, and family offices are among the other participants in this round.

According to the official release, the raised capital will be used to accelerate Matter's efforts to scale manufacturing, supply chain, marketing, and retail to meet the growing demand for sustainable, high-performance mobility solutions.

Recently, the Ahmedabad-based startup raised INR 82.6 crore (around USD 10 million) as part of the current fundraising round.

Mohal Lalbhai, Founder and CEO of Matter Group, said, "We are dedicated to creating accessible, reliable, and high-performance products driven by our innovative technology. Leading this complex mobility transformation are over 600 Matter innovators, who keep riders at the forefront of our efforts. With Matter electric motorbikes, we are ready to embrace a new reality and rewrite the rules of mobility by transforming the world's largest two-wheeler market."

Founded in 2019 by Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu, Matter manufactures premium electric motorcycles. Matter launched its first bike in early 2023 and started accepting preorders in May of the same year.

Matter claims to have received 40,000 pre-bookings for its electric motorbike, AERA. Deliveries are scheduled to begin during the upcoming festive season.

Suprotik Basu, Managing Partner of Helena, stated, "We believe it is an inevitability that transportation in this market will electrify, and India is the most exciting place in the world for that transition to materialise. The question is which team will be nimble, innovative, and hardworking enough to seize this moment of transition."

"The Matter team has impressed us immensely with their approach towards value-driven, high-performance technology products. It has been wonderful to see the initial positive consumer traction and strong progress from the company thus far. We are excited to deeply partner with Matter to reshape the electric vehicle landscape for India and for other emerging markets to address our shared global climate challenges," Basu added.

Entrepreneur Staff

Entrepreneur Staff

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