Ahmedabad-based electric mobility startup Matter has successfully raised Rs 82.6 crore (approximately $10 million) in its first-ever round of equity funding. According to regulatory filings accessed from the Registrar of Companies, Matter’s board issued 1,12,837 CCPS at an issue price of Rs 7,320 each to secure the funding.

Key investors in this round include Japan Airlines & Translink Fund, which invested Rs 25 crore, Info Edge-backed Capital 2B Fund with Rs 10.8 crore, Helena Special Investments Fund with Rs 41.75 crore, and Abhay P Shah on behalf of Miracle Carriers, who contributed Rs 5 crore.

TheKredible estimates place Matter’s post-allotment valuation at approximately Rs 1,690 crore (around $204 million). The e-bike manufacturer, which launched its first bike in early 2023 and began pre-orders in May 2023, was reportedly in talks to raise $200 million to expand its operations, distribution, and factory setup.

Despite being a year old, Matter was in the pre-revenue stage during the fiscal year ending March 2023, reporting losses of Rs 25 crore. The company has yet to file its annual results for FY24.

Positioning itself as a premium brand with a price range starting from Rs 1.7 lakh, Matter differentiates itself from competitors like Ola Electric and Ather by not targeting the mass market. In the e-bike segment, Matter competes with Bharat Forge-backed Tork Motors, TVS-backed Ultraviolette, and RattanIndia Enterprises-controlled Revolt. Notably, Tork Motors raised $6 million from Maxis Capital in January, while Ultraviolette is reportedly in talks to raise a larger round of approximately $100 million. Additionally, Ola Electric, currently manufacturing electric scooters, plans to enter the e-bike segment by FY26.