Matel Secures $4Million Investment in Series A Round

Matel, a mobility and energy solutions startup founded in 2017, has secured $4 million in its Series A funding round. The investment was led by Transition VC, with participation from Gruhas and Haresh Abichandani.

The company specializes in designing and manufacturing high-efficiency electric motors and controllers, offering full-stack powertrain solutions to original equipment manufacturers (OEMs) in the electric vehicle (EV) and industrial sectors. Matel’s products cater to a wide range of applications, including two-wheelers, three-wheelers, four-wheelers, buses, off-road vehicles, industrial applications, agricultural pumping, and the HVAC sector.

After successful validation and certification by various EV OEMs, Matel commenced mass production of powertrains in April 2024. Later this year, the startup plans to supply products for traction and auxiliary applications in the commercial vehicle (CV) segment, targeting the 350V segment with power outputs up to 100 KW.

Furthermore, Matel aims to expand its product portfolio by introducing offerings in the 600V and 200 KW power range in the fiscal year 2026, which are currently under the design phase.

Over the next two years, the company has plans to venture into the defence sector, catering to the electric motor requirements of this industry. With an existing order book and firm plans for product portfolio expansion, Matel is looking forward to surpassing an annual sales figure of Rs 100 crore by next year.

In order to contribute to the global emission reduction targets, Matel is poised with its advanced powertrain technology, offering high levels of energy efficiency and reliability across industries.

Matel is a technology company focused on cutting-edge electric powertrain solutions for electric vehicles and industrial applications. The company has developed Electric Mobility products with differentiated performance based on its unique intelligent Powertrain technology named ‘I Powertrain™’.

With over 100 trained experts and a competent team, Matel is committed to delivering best-in-class electric powertrain solutions for automobile and industrial applications. The company aims to be preeminent in the industry by focusing on customer requirements and providing customized solutions. Matel builds efficient and high-performance electric motors and controllers, leveraging in-house and sustainable technologies for energy conservation and efficiency.

Matel has a proven track record of adopting a system-driven approach that ensures uninterrupted and value-added services to its stakeholders with perpetuity. The company’s commitment to advanced technology, energy efficiency, and customer-centric solutions positions it as a key player in the transition towards a sustainable future.