Matel Secures $4M in Series A Funding Round by Transition VC

Mobility and energy solutions startup Matel has successfully raised $4 million in its Series A funding round, with Transition VC leading the investment. Gruhas and Haresh Abichandani also participated in the round.

Founded in 2017, Matel specializes in manufacturing synchronous machines and motor controllers for various sectors, including e-mobility, industrial applications, agricultural pumping, and HVAC systems. 

With expertise in designing high-efficiency electric motors and controllers, Matel offers a comprehensive powertrain solution to original equipment manufacturers (OEMs) in the electric vehicle (EV) and industrial sectors.

Matel’s product portfolio caters to a wide range of EVs, including 2-wheelers, 3-wheelers, 4-wheelers, buses, and off-road vehicles. The startup commenced mass production of powertrains in April 2024 after receiving validation and certification from multiple EV OEMs.

In the coming months, Matel plans to supply products for traction and auxiliary applications in the commercial vehicle (CV) segment, focusing on the 350V segment with up to 100 KW power output. Additionally, the company aims to introduce products in the 600V and 200 KW power range by FY26, which are currently in the design phase.

Looking ahead, Matel aims to expand its product line to include electric motors required in the defense sector over the next two years. With an existing order book and ambitious plans for portfolio expansion, Matel anticipates surpassing Rs 100 crore in annual sales by the next fiscal year.

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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