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Matter Boosts EV Manufacturing with INR 82.6 Cr Investment The last time Ahmedabad-based EV maker Matter raised USD 10 million was in 2022, with support from Capital 2B Fund 1 and Climate Angels Fund, among other investors.

By Paromita Gupta

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Inhouse

EV bike manufacturing startup Matter has announced the raising of INR 82.6 crore (around USD 10 million) in a private placement offer from Temasek- and InfoEdge-backed Capital 2B and Japan Airlines & TransLink Innovation Fund.

Regulatory filings with the Ministry of Corporate Affairs revealed that Abhay P Shah, through Miracle Carriers & Trading Co. and Helena Special Investments Fund I, also invested in Matter.

Japan Airlines and Translink Fund contributed INR 25 crore, and Capital 2B Fund contributed INR 10.8 crore. Helena Special Investments Fund and Abhay P Shah, on behalf of Miracle Carriers, invested INR 41.75 crore and INR 5 crore, respectively, as per Entrackr reports.

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.

Climate Angels Fund, Baring Private Equity Partners, Capital 2B Fund 1, and other Indian and foreign HNIs contributed USD 10 million to Matter in 2022.

Paromita Gupta

Entrepreneur Staff

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
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