Ahmedabad-based tech start-up, Matter has announced that it has raised $10 million (around Rs 78 crore) in funding from Capital 2B, a technology fund backed by Infoedge, Climate Angels Fund, and other Indian and overseas HNI’s.
Incepted in 2019, Matter has invested $7.5 million (around Rs 58 crore) into the R&D of its technology stack and launched MatterEnergy 1.0, a two-wheeler electric battery with active liquid cooling. The newly-raised funds will go towards the launch of electric mobility and energy storage products.
Matter is also planning on launching an electric motorcycle in September this year that will utilise the company’s liquid-cooled battery pack. The company’s manufacturing facility is currently being built in Ahmedabad with a capacity to produce 60,000 batteries per year. The parts will be heavily localised and the only imported components will be cells, magnets, and chips.
Mohal Lalbhai, Founder and CEO, Matter said, “We welcome our new investors to the endeavour of electric mobility transition and energy empowerment. Matter is gearing up for its first electric motorcycle launch this year and we aim to develop a world-class portfolio of EV and energy storage products to catalyse the clean energy transition in India.”