The investment comes from Info Edge’s Capital 2B Fund 1, Climate Angel Fund, and several other Indian and overseas HNI’s
Matter's battery and the drive-train technologies have been developed to be used in manufacturing its own EVs and would be part of its upcoming two-wheeler
In May, the Indian startups in the EV space reportedly raised over $170 Mn of funding despite the Indian startup ecosystem grappling with a visible ‘funding winter’
Electric mobility and energy storage-focused technology startup Matter has closed an initial round of equity funding at $10 Mn with investment from Info Edge’s Capital 2B Fund 1, Climate Angel Fund, and several other Indian and overseas HNI’s.“We are not selling MatterEnergy 1.0 or Matter Drive 1.0 to other companies simply because it is just not the battery pack but also the accessories and overall system that goes with it. That is where it is not really a plug and play solution, rather it has to be taken into the architecture from the get-go,” added Lalbhai.Speaking to Inc42 recently, several investors said that the current hurdles are transitory and they are looking at the long-term growth potential of the entire EV segment.
The fresh funds will be used towards the launch of its new line of electric mobility and energy storage products. In fact, Matter is eyeing the launch of its first electric motorcycle later in the year.