In a significant boost to India’s burgeoning electric vehicle (EV) and energy solutions sector, Pune-based startup Matel has successfully secured $4 million in Series A funding. The investment round was led by Transition VC, with notable contributions from Nikhil Kamath’s Gruhas and Haresh Abichandani, Founder of Millenium Semiconductor. This financial infusion, facilitated by Steer Advisors as the sole Transaction Advisor, is set to propel Matel’s innovative endeavors in the mobility and energy landscape.
Established in 2017, Matel has carved a niche for itself in the design and manufacture of synchronous machines and motor controllers. These products find extensive applications across various domains, including e-mobility, industrial operations, agricultural pumping, and the HVAC sector. Leveraging its expertise in high-efficiency electric motors and controllers, Matel has emerged as a full-stack powertrain solution provider for Original Equipment Manufacturers (OEMs) in the EV and industrial sectors. Matel’s product line includes motors, motor control units, vehicle control units, transmissions, and battery management systems, catering to a wide range of EVs from two-wheelers to buses and off-road vehicles.
Speaking on this milestone, Founder Mahesh Toraskar highlighted Matel’s commitment to driving positive change and delivering value through their products and partnerships. The company plans to utilize the raised capital for scaling up production, developing new products, and expanding its R&D capabilities over the next three years. With ambitious plans for product expansion and a strong order book, Matel is poised to exceed ₹100 crore in annual sales by next year.
Transition VC’s Co-founder & Managing Partner, Raiyaan Shingati, expressed confidence in Matel’s leadership and its critical role in the EV value chain. “We believe in Matel’s potential to significantly impact the EV industry with their cutting-edge technology and comprehensive powertrain solutions,” Shingati stated.
Nikhil Kamath of Gruhas lauded Matel’s unique position in powering the EV movement with their sustainable electric drivetrains and motor controllers. “Matel’s innovative approach and dedication to sustainability align perfectly with our investment philosophy,” Kamath noted.
Haresh Abichandani, Founder of Millenium Semiconductor, also expressed his support, emphasizing the importance of local innovation in driving the future of mobility. “Matel’s advancements in EV technology are a testament to India’s growing capabilities in this crucial sector,” Abichandani remarked.
The successful funding round marks a pivotal moment for Matel as it prepares to scale its operations and enhance its product offerings. With a focus on sustainable and efficient electric powertrains, Matel is set to play a vital role in the global shift towards cleaner and more efficient transportation solutions.
As Matel embarks on this new phase of growth, the company remains dedicated to its mission of fostering innovation and excellence in the EV industry, contributing to a greener and more sustainable future.
