Now Loading

E-bike Maker Matter Secures $35 Million in Series B Funding Round

Matter 1

Matter Motor, a leading EV technology and energy storage company, has announced the successful raising of $35 million in the first tranche of its ongoing Series B funding round. The investment was led by US-based venture capital firm Helena, with notable participation from Capital 2B, Japan Airlines & Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest), and other institutional investors and family offices.

The newly acquired funds will be directed towards accelerating Matter’s innovations in electric motorbikes, scaling manufacturing, supply chain, marketing, and retail operations, according to a company press release.

In addition to this recent funding, Matter raised $10 million earlier in the same round, which is expected to close at approximately $70 million. Post-allotment valuations estimate the company to be worth around Rs 1,690 crore ($204 million), with potential adjustments upon the round’s completion.

Matter launched its first electric motorbike, the AERA, in early 2023, starting pre-orders in May 2023. The AERA features a proprietary 4-speed hyper-shift geared system and offers over 125 km range per charge with a 5-amp onboard charging system. The company has already secured 40,000 pre-bookings for the AERA, with deliveries set to begin this festive season.

CEO of Matter recently stated that the firm aims to raise between $100 million and $200 million over the next two years to establish a new manufacturing facility with a production capacity of 1 million e-motorbikes.

Despite being in a pre-revenue stage for the fiscal year ending March 2023, with reported losses of Rs 25 crore, Matter is making significant strides in the premium e-bike segment, competing with Bharat Forge-backed Tork Motors, TVS-backed Ultraviolette, RattanIndia Enterprises-controlled Revolt, and Ola Electric, which plans to enter the e-bike market by early 2026.

Upcoming Conferences