Tech Startup Matter Raises $10 Million

The fund raised will be utilized for continuous technological innovations, manufacturing and marketing

Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Matter, a vertically integrated product tech startup focused on electric mobility and energy storage, has raised $10 million in its latest funding round. The round also saw participation from Capital 2B, Climate Angels Fund and other marquee Indian and overseas HNI's. The fund raised will be utilized for continuous technological innovations, manufacturing and marketing.

Company handout

"We welcome our new investors to the endeavor of electric mobility transition and energy empowerment. Our belief reinforces the goal of delivering smart and transformational technology to every home in India. Matter is gearing up for its first electric motorcycle launch this year and we aim to develop a world-class portfolio of EV and energy storage products to catalyze the clean energy transition in India," said Mohal Lalbhai, founder and CEO, Matter.

Matter is driven by a team of more than 230 passionate technology innovators from premier institutions who collectively have more than 1000 years of experience in the EV and energy tech domain. The company intends to launch its first and best-in-class EV motorcycle later in the year and believes that once launched the vehicle will set new benchmarks in the Indian E2W industry, claimed by the startup in a statement.

"India with its vast talent pool, and for the reason of being energy-hungry, is uniquely placed to lead the next revolution in energy independence. Matter, with its homegrown technology stack, is set to redefine the two-wheeler mobility and energy segments. Matter is one of the first investments from our Fund, and is promising of an exciting journey, one to which I would be as close to the action as possible," said Vibhore Sharma, partner, Capital 2B.

Founded in 2019 by Mohal Lalbhai, along with Arun Pratap Singh, Kumar Prasad Telikepalli and Saran Babu, Matter is a technology startup guided by its vision to be the most dynamic company driving India to a sustainable future. United by this vision and driven by a goal, Matter takes pride in leveraging its expertise and futuristic technology solutions to empower every individual with the option to choose a cleaner alternative.