Matter manufactures premium e-bikes and positions itself as a premium brand with starting prices around Rs 1.7 lakh. The company unveiled its first bike early in 2023 and opened pre-orders in May 2023. To raise growth capital the board issued 112,837 compulsorily convertible preference shares (CCPS) at Rs 7,320 each, collecting Rs 82.6 crore (roughly $10 million). Matter was in a pre-revenue stage in the fiscal year ending March 2023 and reported losses of Rs 25 crore for that period; FY24 annual results have not yet been filed. Management has discussed a potential larger raise of about $200 million to expand factory capacity, distribution, and operations. The company faces competition from Tork Motors, Ultraviolette, and Revolt, and the article notes Ola Electric intends to enter the e-bike market by FY26. Matter is a vertically integrated product‑tech startup focused on electric mobility and energy storage. The company is gearing up to launch its first electric motorcycle later this year and aims to develop a world‑class portfolio of EV and energy storage products. Founded in 2019 by Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli and Saran Babu, Matter is driven by a team of more than 230 technology innovators who collectively claim over 1,000 years of experience in the EV and energy tech domain. Matter emphasizes a homegrown technology stack and vertical integration to catalyze the clean energy transition in India. It raised $10 million in its latest funding round, and says the funds will be used for continuous technological innovations, manufacturing and marketing. Management expects the launched vehicle to set new benchmarks in the Indian electric two‑wheeler industry.

Total raised

$20M

Funding rounds

2

Latest round

Equity

Latest activity

Jun 2024