Matel Motion & Energy Solutions Raises INR 130 Cr in Series B Round

Pune-based Matel Motion & Energy Solutions, a mechatronics company developing energy-efficient motors, motor controllers and integrated powertrains, has raised INR 130 crore in a Series B funding round led by UC Impower. The round also saw Catamaran join as a new investor, while existing investor Transition VC participated in the round.

Founded in 2017, Matel designs and manufactures energy-efficient motors, motor controllers and integrated powertrains for automotive and industrial applications, including electric vehicles, pumping and cooling systems. The company has also developed magnet-free motor technology to reduce supply chain dependence and manufactures PMSM-based IE5 ultra-high-efficiency industrial motors, with an IE6 product currently under development.

The company said the fresh capital will be used to expand its manufacturing capacity, strengthen R&D, accelerate product development and support its expansion into international markets. It also plans to broaden its product portfolio, including entry into the electric commercial vehicle segment.

Commenting on the fundraise, Sunil Patel, Founder and CEO, Matel Motion & Energy Solutions, said: “Securing this funding is a significant milestone for Matel. We founded the company to address a major gap in Indian industries by delivering locally designed and developed energy-efficient mechatronics products. With this capital, our primary focus will be accelerating our product roadmap through advanced R&D infrastructure and expanding our manufacturing capabilities.”

Richa Natarajan, Co-founder and Partner, UC Impower, said: “Energy efficiency will be one of the defining themes of the next industrial cycle, and companies that own core technology will create disproportionate value. Matel has combined motor technology, power electronics and software into products that are already being adopted by leading OEMs. We believe the company has the potential to become a global leader in energy-efficient motion systems.”

Deepak Padaki, President, Catamaran, added: “Catamaran’s investment in Matel reflects our continued conviction in India’s precision engineering and advanced manufacturing ecosystem. We are confident in the company’s ability to scale, backed by its engineering talent, in-house R&D capabilities and OEM traction.”