Ahmedabad-based electric motorcycle startup MATTER Motor Works has raised $25 million (₹240 crore) in growth capital, anchored by existing investors including Helena, Capital 2B, Japan Airlines & Translink Innovation Fund, and Shakopee Mdewakanton Sioux Community (SMSC), the company announced. The funds will be used over the next 12 months to scale manufacturing and supply chain capacity, enhance brand building and distribution, and expand its product portfolio with four new electric motorcycles.
Founded in 2019 by Mohal Lalbhai, MATTER develops EV technology covering powertrains, battery systems, control electronics, and software. The startup plans to launch four new motorcycles based on its AERA platform within 12 to 24 months, targeting new variants and rider segments using its in-house powertrain, battery, and software stack. This latest funding round brings MATTER’s total capital raised to around ₹1,000 crore ($104 million), with over ₹750 crore ($78 million) already deployed across manufacturing, R&D, and market entry, according to inc42.com.
The capital injection supports MATTER’s growth amid rising demand for electric two-wheelers in India, a market seeing increased competition and innovation. MATTER’s focus on proprietary technology and manufacturing capabilities differentiates it from peers. The startup holds 111 granted patents and claims to have launched India’s first geared electric motorcycle. This funding round underscores the growing investor interest in electric vehicle startups that combine hardware and software development to scale production and product offerings.
MATTER’s founder and group CEO Mohal Lalbhai stated that the capital accelerates both the company’s growth engine and product roadmap. The startup aims to leverage the funding to introduce four new motorcycles built on its existing platform. This expansion is set to unfold over the next 12 to 24 months, marking a significant phase in MATTER’s evolution within the electric vehicle sector.