EV tech and energy storage firm, Matter Motor, has announced the successful securing of $35 million in the first tranche of its Series B funding round. The round was led by US-based venture capital firm Helena, with significant contributions from Capital 2B, Japan Airlines & Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest), along other institutional investors and family offices.
The newly raised capital will be channelled towards accelerating Matter Motor’s innovations in electric motorbikes, scaling manufacturing operations, enhancing the supply chain, and boosting marketing and retail efforts, as stated in a company press release.
In a recent move, Matter secured $10 million as part of this ongoing round, which is projected to close at approximately $70 million.
Matter launched its inaugural bike in early 2023, commencing pre-orders in May 2023. The company has developed a proprietary technology stack that harnesses the power of data, software, and machine intelligence to produce the AERA, a 4-speed hyper-shift geared electric motorbike.
The AERA motorbike boasts a range of over 125 kilometres per charge, facilitated by a 5-amp onboard charging system, allowing riders to charge their bikes virtually anywhere. To date, Matter has secured an impressive 40,000 pre-bookings for the AERA, with deliveries scheduled to begin this festive season.
Looking ahead, Matter’s CEO has revealed plans to raise between $100 million and $200 million over the next two years. This funding will be directed towards establishing a new manufacturing facility with the capacity to produce 1 million e-motorbikes annually.
During the fiscal year ending March 2023, Matter was in the pre-revenue stage and reported losses amounting to Rs 25 crore. The company has yet to file its annual results for FY24.
In the competitive premium e-bike market, Matter faces competition from several key players including Bharat Forge-backed Tork Motors, TVS-backed Ultraviolette, and RattanIndia Enterprises-controlled Revolt. Additionally, Ola Electric, currently focused on electric scooters, has announced plans to enter the e-bike segment by early 2026.
