EV Powertrain Pioneer Matel Secures ₹130 Crore Series B to Accelerate International Expansion and Clean-Tech Manufacturing
What is the news?
Pune-headquartered Matel Motion & Energy Solutions has successfully closed a ₹130 crore Series B funding round led by UC Impower. The investment saw participation from Infosys founder N.R. Narayana Murthy’s family office Catamaran as a new investor, along with continued backing from existing investor Transition VC.
Why is it interesting?
Founded in 2017 by automotive R&D veterans Sunil Patel and Netaji Patro, Matel designs and manufactures high-efficiency electric motors, motor controllers, and integrated powertrains for applications spanning two-wheelers, three-wheelers, buses, off-road vehicles, and industrial pumping systems.
The fresh capital injection will be allocated toward scaling up manufacturing capacity, reinforcing R&D capabilities, growing the engineering team, and expanding the company’s international footprint. Matel has distinguished itself in the deeptech sector through advanced innovations, including magnet-free motor technology and IE5/IE6 industrial efficiency motors. Having commenced mass production in early 2024 following OEM validations, Matel stands out as a high-impact global manufacturing story driven by Indian engineering talent.
Read more: Transition VC-backed Matel raises Rs 130 Cr in Series B round led by UC Impower