Transition VC led Matel’s $4 million Series A round of funding for the mobility and energy solutions startup. Gruhas and Haresh Abichandani also took part in the round.
Since its founding in 2017, Matel has produced synchronous machines and motor controllers for the HVAC, industrial, e-mobility, and agricultural pumping sectors. Specializing in the development and production of high-efficiency electric motors and controllers, it provides OEMs of electric vehicles and the industrial sector with a full-stack powertrain solution.
The startup provides software for EVs of all sizes, including buses, off-road vehicles, three-wheelers, four-wheelers, and two-wheelers. Following successful validation and certification by multiple EV OEMs, mass production of powertrains commenced in April 2024.
It will begin providing traction and auxiliary products later this year in the 350V segment for up to 100 KW of power in the CV segment. Matel will also begin supplying products in the 200 KW and 600V power range in FY26; these products are currently in the design stage.
Matel intends to enter the electric motor market, which is necessary for the defense industry, during the next two years. Matel is hoping to surpass Rs 100 crore in yearly sales by the following year, with a solid plan for expanding its product portfolio and an order book already in place.
