Matter Motor, an EV technology and energy storage company, revealed that it has closed a $35 million Series B round, with the lead investor being the US venture capital firm Helena. Saad Bahwan Investment Management Company (SB Invest), Japan Airlines & Translink Innovation Fund, Capital 2B, other institutional investors, and family offices are among the other noteworthy investors in this round.
The company stated in a press release that the funds will be utilized to expand MATTER’s manufacturing, supply chain, marketing, and retail operations as well as to speed up its innovations in electric motorbikes.
The company just raised $10 million as part of a current fundraising round that will probably close for roughly $70 million. The company’s estimated valuation, according to TheKredible, is approximately Rs 1,690 crore, or $204 million, after allocation. Following the round’s conclusion, the valuation will change.
Early in 2023, Matter unveiled their first bike, and in May of that same year, pre-orders opened. AERA, a 4-speed hyper-shift geared electric motorbike, is the result of the company’s in-house technology stack development, which makes use of data, software, and machine intelligence.
The company claims that its product, which has a 5-amp onboard charging system and delivers over 125 km of range per charge, enables riders to charge anywhere. For its electric motorcycle AERA, Matter has so far secured 40,000 pre-orders; deliveries are scheduled to begin during the holiday season.
The chief executive of Matter recently stated that the company hopes to raise between $100 million and $200 million over the course of the next two years in order to build a new manufacturing facility that will have the installed capacity to produce one million e-motorbikes.
During the fiscal year that ended in March 2023, the matter was in the pre-revenue stage, and the firm’s losses during that same period totaled Rs 25 crore. It has not yet submitted its FY24 annual results.
Matter is in the premium e-bike market alongside Tork Motors, which is supported by Bharat Forge, Ultraviolette, which is supported by TVS, and Revolt, which is owned by RattanIndia Enterprises. Ola Electric, a company that presently produces electric scooters, intends to join the e-bike market by the beginning of 2026.
