Ahmedabad-based electric mobility startup Matter has successfully raised Rs 82.6 crore (approximately $10 million) in its first equity funding round. According to regulatory filings accessed from the Registrar of Companies, Matter issued 1,12,837 Cumulative Compulsorily Convertible Preference Shares (CCPS) at Rs 7,320 per share to raise the funds.
The funding round saw significant participation from investors, with Japan Airlines & Translink Fund contributing Rs 25 crore, Info Edge-backed Capital 2B Fund investing Rs 10.8 crore, and Helena Special Investments Fund and Abhay P Shah, representing Miracle Carriers, contributing Rs 41.75 crore and Rs 5 crore respectively. Post-allotment, Matter is estimated to be valued at around Rs 1,690 crore or $204 million, as per TheKredible estimates.
Founded just a year ago, Matter specializes in premium e-bikes, with its product range starting from Rs 1.7 lakh. Unlike competitors targeting mass markets, Matter positions itself uniquely in the premium segment, distinct from players like Ola Electric and Ather.
The startup plans to utilize the fresh capital to expand its operations, enhance distribution networks, and set up new manufacturing facilities. Matter had launched its inaugural e-bike in early 2023 and commenced pre-orders in May of the same year. While the firm reported losses of Rs 25 crore in FY23, it is yet to file its annual results for FY24.
In the competitive e-bike market, Matter competes with established players such as Tork Motors backed by Bharat Forge, Ultraviolette supported by TVS, and Revolt under RattanIndia Enterprises. Tork Motors recently raised $6 million from Maxis Capital, while Ultraviolette is reportedly seeking a larger funding round of up to $100 million. Meanwhile, Ola Electric, known for electric scooters, is also planning to enter the e-bike segment by fiscal year 2026.
