Startup Originals Team
Pune-based electric mobility technology startup Matel Motion & Energy Solutions has secured ₹130 crore (around $15 million) in a Series B funding round led by UC Impower. The investment marks a significant milestone for the company as it looks to strengthen its manufacturing capabilities and expand its presence in domestic and international electric mobility markets.
The funding round also saw Catamaran join as a new investor, while existing backer Transition VC participated in the round, reaffirming its confidence in the startup’s long-term growth strategy.
What Happened?
Matel announced that it has raised ₹130 crore in a Series B funding round to accelerate the next phase of its growth.
The company plans to use the fresh capital to expand its manufacturing capacity, strengthen research and development, accelerate product innovation, increase hiring across engineering and production teams, and support its international expansion plans.
The investment comes just over a year after Matel raised $4 million in its Series A funding round in May 2024, which was led by Transition VC along with other investors.
Key Details
Founded in 2017 by Sunil Patel and Netaji Patro, Matel develops and manufactures electric motors, motor controllers, and integrated powertrains for automotive and industrial applications.
The company’s products are designed to serve a broad range of electric mobility segments, including electric two-wheelers, three-wheelers, passenger vehicles, buses, and off-road vehicles.
Beyond the automotive sector, Matel’s technology is also used in industrial applications, including pumping systems, cooling systems, and other energy-efficient equipment.
A major milestone for the company came in April 2024, when it began the mass production of its integrated powertrains after securing validation and certification from multiple electric vehicle original equipment manufacturers (EV OEMs). This enabled the company to move from product development to commercial-scale manufacturing.
Why This Matters
India’s electric vehicle industry continues to witness rapid growth, creating strong demand for locally developed components such as motors, controllers, and integrated powertrain systems.
By manufacturing critical EV technologies domestically, companies like Matel contribute to strengthening India’s EV supply chain while reducing dependence on imported components. As vehicle manufacturers expand production across multiple EV categories, demand for advanced powertrain solutions is expected to increase significantly.
The funding also reflects continued investor interest in startups building core technologies that support India’s clean mobility transition.
Company Background
Matel Motion & Energy Solutions is headquartered in Pune and focuses on developing high-performance electric propulsion technologies for mobility and industrial applications.
Its product portfolio includes electric motors, motor controllers, and integrated powertrain systems engineered for efficiency, durability, and performance. The company works with multiple EV manufacturers and industrial customers to provide complete electric drive solutions tailored to different vehicle segments.
Since commencing commercial production in 2024, Matel has continued expanding its manufacturing capabilities and customer base within India’s rapidly growing electric mobility ecosystem.
Industry Impact
The Series B funding is expected to strengthen India’s EV component manufacturing ecosystem by enabling greater production of locally designed electric powertrain technologies.
As more automakers increase investments in electric mobility, reliable domestic suppliers of critical components will play an increasingly important role in improving supply chain resilience and supporting the government’s broader push for EV adoption and manufacturing.
The investment also signals growing confidence among venture capital firms in startups focused on deep technology and advanced manufacturing for the clean energy sector.
Future Plans
Matel intends to use the newly raised capital to significantly expand production capacity while accelerating product development for next-generation electric mobility solutions.
The company also plans to strengthen its engineering and production workforce, invest further in research and development, and expand into international markets as demand for electric powertrain technologies continues to grow.
Conclusion
Matel’s ₹130 crore Series B funding marks an important step in its journey to become a leading supplier of electric powertrain technologies. With fresh backing from UC Impower, Catamaran, and existing investor Transition VC, the company is well positioned to scale manufacturing, accelerate innovation, and expand its presence in both Indian and global electric mobility markets.
