$10 million (Rs 78 crore roughly) have been raised by an Ahmedabad-based tech and EV startup Matter in a round led by Info Edge-backed technology fund Capital 2B. Matter expects to raise another $10 million in its first round of external fundraising.
They plan on using the funds for the launch of its upcoming electric two-wheeler featuring the country’s first active liquid-cooled battery.
The company's subsidiary MatterEnergy is working on research and
innovation in battery packs and battery management systems, while Matter is engaged in the development of e-two-wheelers, which they plant o release in the second half of the year.
Matter CEO Mohan Lalbhai stated that "Matter is gearing up for its
first electric motorcycle launch this year and we aim to develop a world-class portfolio of EV and energy storage products to catalyze the clean energy transition in India," adding that the pilot facility will carry an initial capacity of 60,000 vehicles per annum.
Even though the liquid-cooled active battery will only be used in-house for its own vehicles, the company is also developing battery storage solutions for stationary and non-automotive purposes.
The investment is backed by Captial 2B Fund 1, Climate Angel Fund, and various other investors, which will be used for continuous technological innovation, manufacturing, and marketing.