What Sets EV Startup Matter Apart in the $35 Million Series B Round?

Electric Vehicle Maker Matter Raises $35 Million in Series B Round

On July 3, Matter, a leading electric vehicle manufacturer, announced it has secured $35 million in its ongoing Series B funding round. This round is led by the US-based non-profit organization Helena, with significant contributions from Capital 2B, Japan Airlines &

Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest), and other institutional investors and family offices.

The company plans to use this funding to scale its manufacturing capabilities and enhance its supply chain operations, according to a statement released by the firm.

“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,” stated Mohal Lalbhai,

Founder & CEO of Matter Group.

Founded in 2019 in Ahmedabad by Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu, Matter specializes in producing premium electric motorcycles. The company launched its first geared electric motorbike, AERA, for the Indian market in 2023.

Lalbhai further emphasized, “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. Our 600+ innovators keep riders at the forefront of our efforts.”

The company’s consumer front is supported by over 100 dealer partners, creating a unique retail experience bolstered by innovative suppliers. This partner ecosystem is committed to creating a better future for both the planet and its people.

In 2022, Matter raised $10 million from investors, including InfoEdge’s Capital 2B Fund 1 and Climate Angels Fund.

“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,” remarked Suprotik Basu, Managing Partner of Helena.