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Ahmedabad-based electric motorcycle manufacturer MATTER Motor Works has raised $25 million, or around ₹240 crore, in growth capital. Existing investors also participated in the funding round. According to MATTER, the fresh capital will be used to expand manufacturing and supply-chain capacity, increase investments in distribution and fund its next product cycle.
The company said customer waitlists for its AERA electric motorcycle continue to grow. Over the next 12 months, MATTER plans to deploy the capital across manufacturing and supply-chain expansion, brand building, distribution and product development.
MATTER also plans to launch four new electric motorcycles based on the AERA platform over the next 12 to 24 months. The new models will target different variants and rider segments while using the company’s existing in-house powertrain, battery and software architecture.
With the latest funding, MATTER Motor Works’ total capital raised has reached around ₹1,000 crore. The company said more than ₹750 crore of this amount has already been deployed across manufacturing, research and development, and market entry.
Existing investors including Helena, Capital 2B, Japan Airlines & Translink Innovation Fund and Shakopee Mdewakanton Sioux Community participated in the latest round. MATTER said the fresh capital will support its next phase of expansion and strengthen its product portfolio.
A portion of the funding will be used to develop and launch four new motorcycles over the next 12 to 24 months. The company plans to use its existing powertrain, battery and software technologies across these products.
According to MATTER, product development will also leverage real-world usage and riding data collected from its existing vehicles. This is expected to help the company expand the AERA platform across different rider segments.
MATTER develops its powertrain, battery systems, control electronics and software in-house. The company also manufactures batteries, powertrains and vehicle assemblies, supported by a supplier network of more than 150 companies.
The company technology portfolio includes 111 granted patents. The MATTER AERA features the HyperShift four-speed manual transmission, a liquid-cooled battery pack and an onboard charging system designed to work with a standard 5-amp household socket.
The AERA electric motorcycle has a certified range of 172 km per charge and features a 7-inch connected touchscreen with navigation, music and call integration.
Founded in Ahmedabad in 2019, MATTER Motor Works develops electric vehicle and energy storage technologies. Its flagship AERA is positioned by the company as India’s first geared electric motorcycle.
