Matter raises $35 million in fresh funding for e-bike development, manufacturing

Matter Group has raised $35 million under the first tranche of funding from key players including Helena, Capital 2B, Japan Airlines and several other
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Matter Aera 5000
The fresh round of funding will be utilised towards expanding its production facilities, improve supply chain and develop new products in the e-commuter space
Matter Aera 5000
The fresh round of funding will be utilised towards expanding its production facilities, improve supply chain and develop new products in the e-commuter space

Ahmedabad-based Matter Group, the makers of the upcoming Aera electric motorcycle, has announced it secured a first tranche of $35 million in the current round of funding. The latest round is led by Helena, the US-based global problem-solving organisation through its venture capital arm, along with Capital 2B, Japan Airlines & Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest), other Institutional investors and Family Offices.

Matter has raised funds as the two-wheeler maker gears up to introduce its maiden electric offering, Aera, later this year. In a recent conversation with HT Auto, Mohal Lalbhai, co-founder and CEO - Matter, said that the company was on track to begin deliveries around the festive season this year. Notably, the deliveries were pushed further from the previously announced schedule of April 2024.

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Also Read : Matter Aera deliveries deferred to festive season, e-bike gets new upgrades

2024 Matter Aera Review
The Matter Aera 5000 electric motorcycle is the company's maiden offering and deliveries are scheduled to begin around October onwards (Tej Patel for HT Auto)
2024 Matter Aera Review
The Matter Aera 5000 electric motorcycle is the company's maiden offering and deliveries are scheduled to begin around October onwards (Tej Patel for HT Auto)

Matter Group Funding: New e-bikes in the pipeline

The latest round of funding will help accelerate Matter’s plans for expansion including manufacturing and product development. The first tranche will allow Matter to scale up manufacturing, supply chain, marketing and retail as it anticipates future demand. Lalbhai also revealed that details about the second tranche of investment should be announced within 60 days or so.

The new funding will help push the brand's upcoming range, which includes two commuter offerings intended for B2B and B2C customers. Both models will be based on swappable battery technology and are scheduled to arrive in the latter part of the decade.

Matter EXE and UT concept
Matter unveiled the EXE and UT concepts at the 2023 Auto Expo, previewing new commuter electric motorcycles with swappable batteries
Matter EXE and UT concept
Matter unveiled the EXE and UT concepts at the 2023 Auto Expo, previewing new commuter electric motorcycles with swappable batteries

Commenting on the announcement, Mohal Lalbhai, Founder & CEO - Matter Group, said, “We at Matter welcome Helena and notable investors – including Capital 2B, Japan Airlines & Translink Innovation fund, SB Invest, other Institutional investors and family offices – with much excitement on this fascinating journey. We are dedicated to creating accessible, reliable, and high-performance products driven by our innovative technology. Leading this complex mobility transformation are over 600+ Matter innovators, who keep riders at the forefront of our efforts. With Matter electric motorbikes, we are ready to embrace a new reality and rewrite the rules of mobility by transforming the world’s largest two-wheeler market".

Suprotik Basu, Managing Partner - Helena, said, "We believe it is an inevitability that transportation in this market will electrify, and India is the most exciting place in the world for that transition to materialize. The question is which team will be nimble, innovative and hardworking enough to seize this moment of transition. The Matter team has impressed us immensely with their approach towards value-driven, high-performance technology products. It has been wonderful to see the initial positive consumer traction, and strong progress from the company thus far. We are excited to deeply partner with Matter to reshape the electric vehicle landscape for India and for other emerging markets to address our shared global climate challenges."

Watch: Matter Aera 5000+ review: Can India’s first geared electric motorcycle be a gamechanger?

Matter Aera Specifications

The Matter Aera holds the distinction of being India’s first self-developed electric motorcycle with a gearbox. The e-bike has been designed to rival petrol-powered motorcycles in the 150-180 cc segment. Power comes from the PMS electric motor tuned for 10 kW (13.4 bhp) while the 5 kWh battery pack promises a range of 125 kmph, with a 5-amp onboard charging system.

Matter Aera Features

The Aera electric motorcycle also comes equipped with a 7-inch touchscreen digital console with navigation, music and calls. The suspension setup comprises telescopic forks at the front and twin shocks at the rear. Braking performance comes with disc brakes and ABS.

Matter Aera Deliveries

Matter has said it will begin deliveries around October this year closer to the festive season. The company has over 40,000 pre-bookings and over 100 dealer partners so far. The company previously announced its plans to begin deliveries in its home market Ahmedabad first before handing over the electric motorcycle in other cities.

First Published Date: 03 Jul 2024, 16:17 PM IST
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