Mobility and Energy Solutions Provider Matel Raises USD 4 Mn in Series A from Transition VC, Gruhas, and Others The Pune-based platform plans to allocate the raised capital for scaling up production, new product development, and expanding the R&D team and required equipment over the next three years.
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Matel, a mobility and energy solutions company, has announced the raising of USD 4 million in a Series A funding round, led by Transition VC. Nikhil Kamath-backed Gruhas and Millenium Semiconductor founder Haresh Abichandani also participated in the round.
Steer Advisors was the sole transaction advisor for this round.
Mahesh Toraskar, Founder, Matel, said, "At Matel, we believe in more than just creating products; we are committed to fostering meaningful connections, driving positive change, and delivering exceptional value to all our stakeholders."
"This fundraise marks a pivotal moment in our journey, empowering us to further enhance the experience of our customers and partners while simultaneously advancing our vision for a sustainable future. We plan to allocate the raised capital for scaling up production, new product development, and expanding our R&D team and required equipment over the next three years," he added.
Founded in 2017 by Mahesh Toraskar, Sunil Patel, and Netaji C Patro, Matel manufactures synchronous machines and motor controllers for e-mobility, industrial applications, agricultural pumping, and the HVAC sector. It offers a full-stack powertrain solution to OEMs of EVs and the industrial sector.
Raiyaan Shingati, Co-founder and Managing Partner, Transition VC, said, "We're keen on Matel's focus on motors and motor controllers, crucial in the EV value chain. Matel's integrated product approach, combining controllers and motors, unlocks significant efficiencies, aligning perfectly with our investment strategy."
Over the next 2 years, Matel also plans to foray into electric motors required in the defence sector. By the next year, it hopes to have yearly sales above INR 100 crore.
Nikhil Kamath, Co-founder of Gruhas, said, "Energy transition is the future. As the EV movement gains momentum across the country, Matel stands at a pivotal moment, uniquely positioned to power this shift with their advanced, sustainable electric drivetrains and motor controllers."
