Matel Raises USD 4 million in Series A funding to propel sustainable mobility solutions

The company has aggressive expansion plans, including diversification into new segments such as electric motors for the defense sector and the development of higher-voltage power systems.

Autocar Pro News Desk By Autocar Pro News Desk calendar 17 May 2024 Views icon1528 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Matel Raises USD 4 million in Series A funding to propel sustainable mobility solutions

Matel, a mobility and energy solutions startup, has secured USD 4 million in Series A funding in a round led by Transition VC and Gruhas, with participation from notable investor Haresh Abichandani.

The funding round marks a significant milestone for Matel, known for its expertise in designing and manufacturing synchronous machines and motor controllers for various applications, including e-mobility, industrial sectors, agricultural pumping, and HVAC systems.

Speaking on the funding round, Mahesh Toraskar, Founder of Matel, shared “At Matel, we believe in more than just creating products; we are committed to fostering meaningful connections, driving positive change, and delivering exceptional value to all our stakeholders. This fundraise marks a pivotal moment in our journey, empowering us to further enhance the experience of our customers and partners while simultaneously advancing our vision for a sustainable future. We plan to allocate the raised capital for scaling up production, new product development, and expanding our R&D team and required equipment over the next 3-years.”

Transition VC, one of the leading investors in the EV segment, expressed confidence in Matel's potential to revolutionise the industry. Raiyaan Shingati, Co-founder & Managing Partner of Transition VC, said “We are confident in Matel founders’ capability to lead the company to success given their expertise and experience with industry giants like Bajaj, Ola, and Maruti Suzuki. With our successful investments in other startups in the EV segment, like, we're keen on Matel's focus on motors & motor controllers, crucial in the EV value chain. Matel's integrated product approach, combining controllers and motors, unlock significant efficiencies, aligning perfectly with our investment strategy.”

Transition VC’s other Co-founder & Managing Partner Mohammed Shoeb Ali also added, “Electric motor-driven systems consume approximately 45% of the global electricity, which is roughly around 7100 TWh/year and is expected to reach 13,000 TWh/year by 2030. The efficiency of motors has to increase drastically to achieve net zero and industrial decarbonisation goals.  Matel's expertise lies in developing, designing, and manufacturing motors & controllers specifically for the unique demands of Mobility & Industrial Applications. The continuous focus on R&D, scalable hardware & software platforms has helped them build higher-voltage and efficient power systems. Matel’s fully integrated powertrain offers better performance, is also easy to manufacture, and has lower costs, enabling it to command higher margins than the competition.”

Nikhil Kamath, Co-founder of Gruhas, commented “Energy transition is the future. As the EV movement gains momentum across the country, Matel stands at a pivotal moment, uniquely positioned to power this shift with their advanced, sustainable electric drivetrains and motor controllers. We're excited to be a part of their journey, contributing to the growth of home-grown brands that are delivering exceptional value and driving positive change in the mobility and energy sectors.”

Volvo CE India eyes increased profitability on back of mass production of larger machines

auther Autocar Pro News Desk calendar19 Jun 2024

"I'm sure we will see much more profits ahead when we go into the mass market with bigger machines and more volumes of m...

Jaguar Land Rover to revive Freelander as EV in China

auther Autocar Pro News Desk calendar19 Jun 2024

The luxury car brand is reviving its Freelander model in an electric avatar in China through a licensing agreement with ...

Volvo CE India to increase revenue share from services business to 33%

auther Autocar Pro News Desk calendar19 Jun 2024

Dimitrov Krishnan, Managing Director of Volvo CE India, said, "We would like to grow and make it one-third from just abo...