Matel Motion & Energy Solutions Raises Rs 130 Crore in Series B Funding

Pune based Matel Motion & Energy Solutions has successfully secured Rs 130 crore (approximately $15 million) in a Series B funding round, spearheaded by UC Impower. Notably, Catamaran has joined as a new investor, while Transition VC, an existing backer, also contributed to this round.

In May 2024, Matel garnered $4 million during its Series A funding led by Transition VC and several others. This latest capital injection will be allocated towards expanding manufacturing capabilities, enhancing research and development initiatives, speeding up product innovation, and increasing recruitment within the engineering and production departments. The funds will also facilitate the company’s plans for international growth.

Established in 2017 by Sunil Patel and Netaji Patro, Matel focuses on the design and manufacturing of motors, motor controllers, and integrated powertrains for both automotive and industrial uses. The startup provides solutions across a diverse array of electric vehicle categories, such as two-wheelers, three-wheelers, four-wheelers, buses, and off-road vehicles. Mass production of its powertrains commenced in April 2024 after the company received necessary validation and certification from multiple electric vehicle original equipment manufacturers (OEMs).

Matel’s products are utilised in electric vehicles, pumping and cooling systems, along with various industrial applications. The company has pioneered magnet-free motor technology and produced IE5 industrial motors, with an IE6 model currently in development. Matel’s offerings are now provided to a range of OEMs across the two-wheeler, three-wheeler, and industrial sectors.

Founder and CEO Sunil Patel has a previous background leading the Chetak EV development programme at the R&D division of Bajaj Auto. Additionally, co-founder Netaji Patro has held research and development roles at both Maruti Suzuki and Bajaj Auto.