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Deep-tech company MATTER Motor Works, which has built the country’s first geared electric motorcycle, on Tuesday announced that it has raised $25 million in growth capital, anchored by existing investors.
Over the next 12 months, MATTER will deploy the capital across three priorities: expanding manufacturing and supply-chain capacity to keep pace with order growth, scaling brand-building and distribution investment across markets, and broadening its product line with four new motorcycle launches over the next 12-24 months.
The round brings the total capital raised by MATTER to around Rs 1,000 crore from investors including Helena, Capital 2B, Japan Airlines, Translink Innovation Fund and the Shakopee Mdewakanton Sioux Community (SMSC). Of this, over Rs 750 crore has already been deployed across manufacturing, research and development (R&D), and market entry.
Commenting on the development, Mohal Lalbhai, founder and group chief executive officer of MATTER, said: “The capital accelerates two things at once, the growth engine that demand has already earned, and the product roadmap it unlocks: four new motorcycles built on the platform behind India's first geared electric motorcycle, backed by 111 granted patents."
MATTER said it designs its core technology in-house, including the powertrain, battery systems, control electronics and software.
The company also manufactures key vehicle components, including the battery and powertrain, and undertakes vehicle assembly, supported by a network of more than 150 suppliers. This approach is protected by a portfolio of 111 granted patents.
