Matter Secures INR 82.6 Cr
Electric mobility startup Matter has successfully raised INR 82.6 crore (approximately $10 million) in its latest funding round, marking a significant milestone in its journey to revolutionize the electric motorcycle sector. The funding round saw participation from prominent investors including Japan Airlines & Translink Fund, Info Edge’s Capital 2B Fund, Helena Special Investments Fund, and Abhay Shah representing Miracle Carriers.
Price of INR 7,320 per share
According to filings from the Registrar of Companies (RoC), Matter’s board has approved the issuance of 1,12,837 compulsorily convertible preference shares (CCPS) at an issue price of INR 7,320 per share. This capital infusion translates into a total funding amount of INR 82.6 crore. The round was orchestrated with strategic investments: Helena Special Investments Fund contributed INR 41.75 crore, Japan Airlines & Translink Fund invested INR 25 crore, while Capital 2B Fund and Abhay Shah on behalf of Miracle Carriers infused INR 10.8 crore and INR 5 crore respectively.
Valuation And Future Plans
The news, first reported by Entrackr, reveals that Matter is now valued at approximately INR 1,690 crore ($204 million) post-money valuation following this funding round. Founded in 2019 by Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu, Matter specializes in manufacturing premium electric motorcycles. Beyond motorcycles, the company is also actively engaged in developing advanced lithium-ion batteries tailored for integration into electrical grids and solar energy systems.
Matter’s ambitious plans
This fresh influx of capital is set to propel Matter’s ambitious plans to innovate within the electric vehicle (EV) industry. With a focus on sustainability and performance, Matter aims to enhance its product offerings, expand its market reach, and bolster its technological capabilities. The funding will be instrumental in accelerating research and development initiatives aimed at improving battery technology, enhancing vehicle performance metrics, and advancing sustainable mobility solutions.
Matter’s commitment to innovation extends beyond product development; the company is dedicated to setting new benchmarks in eco-friendly transportation solutions. By leveraging this funding, Matter plans to ramp up production capacity and streamline operational efficiencies to meet growing market demand for electric motorcycles. Moreover, the investment will support initiatives aimed at strengthening the company’s supply chain resilience and ensuring robust customer support infrastructure.
Matter’s co-founders expressed their gratitude to investors for their confidence and support. They emphasized the pivotal role of strategic partnerships in driving forward the company’s mission to redefine urban mobility through sustainable and efficient electric vehicles. The co-founders reiterated Matter’s commitment to sustainability, highlighting their vision to create a cleaner and greener future through technological innovation and responsible business practices.
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