Electric mobility startup Matter has successfully raised Rs 82.6 crore (approximately $10 million) in its first round of equity funding. The Ahmedabad-based e-bike manufacturer issued 1,12,837 CCPS at an issue price of Rs 7,320 each to achieve this milestone, as per regulatory filings accessed from the Registrar of Companies.
The funding round saw participation from notable investors. Japan Airlines and Translink Fund invested Rs 25 crore, while Info Edge-backed Capital 2B Fund contributed Rs 10.8 crore. Helena Special Investments Fund and Abhay P Shah, representing Miracle Carriers, invested Rs 41.75 crore and Rs 5 crore, respectively.
Matter, which launched its first e-bike in early 2023 and began accepting pre-orders in May 2023, was reportedly in discussions to raise $200 million to further expand its operations, distribution network, and factory setup. Despite being in the pre-revenue stage during the fiscal year ending March 2023, with losses amounting to Rs 25 crore, the company is positioning itself as a premium brand in the electric vehicle market.
Unlike competitors such as Ola Electric and Ather, which target a mass audience, Matter focuses on a more niche market with a price range starting from Rs 1.7 lakh. This strategy sets Matter apart from traditional manufacturers and positions it against rivals like Bharat Forge-backed Tork Motors, TVS-backed Ultraviolette, and RattanIndia Enterprises-controlled Revolt.
In the competitive e-bike segment, Tork Motors raised $6 million from Maxis Capital in January, and Ultraviolette is reportedly in talks to secure a $100 million funding round. Ola Electric, known for its electric scooters, plans to enter the e-bike segment by FY26, adding to the growing competition in the market.
Matter’s successful funding round marks a significant step forward for the company as it aims to establish itself as a leader in the premium electric bike market.
