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

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

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. 
Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

News and Trends

Atlys Acquires Artionis UK to Enhance European Visa Services

With this move, Atlys aims to simplify visa paperwork and provide faster services, with plans to expand into Germany and France soon.

News and Trends

Probus Smart Things Closes USD 5 Mn Funding Led by Unicorn India Ventures

With the fresh funds, Probus aims to scale its smart grid communication tech, integrate AI into networking solutions, and expand dual communication modules for smart metering across multiple Indian states.

News and Trends

India's Foreign Direct Investment Rebounds, But Net Inflows Remain a Concern

The services sector remained the top recipient, accounting for 19.1 per cent of total equity inflows in the first half of FY25.

Business Solutions

Get a Lifetime of Powerful PDF Tools That Won't Give You a PDF Headache

Banish frustrating PDF issues forever and just breeze through all of the old problems with editing, formatting, converting, annotating and more.

News and Trends

IN-SPACe Launches Technology Adoption Fund to Boost Space Industry

This initiative aims to transition early-stage innovations from concept to commercial viability, empowering Non-Government Entities (NGEs), including startups and MSMEs, to enhance India's self-reliance in space technology.