Matel, a burgeoning mobility and energy solutions player, has recently closed a significant milestone with a $4 million Series A funding round led by Transition VC. This round also witnessed participation from Gruhas and Haresh Abichandani, highlighting growing investor confidence in Matel’s innovative approach to electric propulsion technology.
Established in 2017, Matel has swiftly positioned itself as a key manufacturer of synchronous machines and motor controllers tailored for diverse applications, including e-mobility, industrial usage, agricultural pumping, and HVAC systems. The company specializes in developing and producing high-efficiency electric motors and controllers, offering comprehensive powertrain solutions to original equipment manufacturers (OEMs) in the electric vehicle (EV) and industrial sectors.
Matel’s product lineup caters to various types of EVs, ranging from two-wheelers to buses and off-road vehicles. The startup commenced mass production of its powertrains in April 2024 after successfully obtaining validation and certification from several EV OEMs.
Looking ahead, Matel is poised to expand its offerings further. It plans to supply products for traction and auxiliary applications in the commercial vehicle (CV) segment later this year, targeting the 350V segment with up to 100 KW power output. Moreover, the company aims to introduce 600V and 200 KW power range products by FY26, which is currently in the design phase.
In line with its growth strategy, Matel is set to venture into supplying electric motors for defence applications over the next two years. With an already secured order book and robust plans for portfolio expansion, the company is optimistic about surpassing Rs 100 crore in annual sales by the next fiscal year.
Matel’s Series A funding round not only provides a financial boost but also validates investors’ confidence in its vision and capabilities. The capital infusion will enable the company to scale its operations, strengthen its R&D efforts, and explore new market opportunities, driving innovation and furthering the adoption of electric propulsion technology across sectors.
