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E-bike maker Matter raises $35 Mn in ongoing Series B round

EntrackrEntrackr · 1y ago
E-bike maker Matter raises $35 Mn in ongoing Series B round
Medial

EV tech and energy storage firm Matter Motor announced that it has secured a first tranche of $35 million in Series B round led by US-based venture capital firm Helena. Other notable investors in this round include, Capital 2B, Japan Airlines & Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest), other Institutional investors and Family Offices. The capital will be used to accelerate MATTER’s innovations in electric motorbikes and scaling in manufacturing, supply chain, marketing and retail, the company said in a press release. The firm recently raised $10 million as a part of the ongoing round which is likely to be closed at around $70 million. As per TheKredible’s estimates, the company has been valued at around Rs 1,690 crore or $204 million post-allotment. The valuation will vary after the completion of the round. Matter launched its maiden bike in early 2023 and began its pre-orders in May 2023. The firm has developed its in-house technology stack, leveraging the power of data, software and machine intelligence to create a 4-speed hyper-shift geared electric motorbike, AERA. As per the company, its product empowers riders to charge anywhere by delivering over 125 kms range per charge with a 5-amp onboard charging system. As of now, Matter has secured 40,000 pre-bookings for its electric motorbike AERA, which is set to commence deliveries this festive season. Recently, Matter’s chief executive said that the firm ​​is looking to raise between $100 million and $200 million in the next two years to establish a new manufacturing facility with total installed capacity for producing 1 million e-motorbikes. Matter was in the pre-revenue stage during the fiscal year ended March 2023 while the losses for the firm stood at Rs 25 crore in the same period. It’s yet to file its annual results for FY24. In the premium e-bike segment, Matter competes with Bharat Forge-backed Tork Motors, TVS-backed Ultraviolette and RattanIndia Enterprises-controlled Revolt. Ola Electric, which currently manufactures electric scooters, is also planning to enter the e-bike segment by early 2026.

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Exclusive: Electric mobility startup Matter raises $10 Mn

EntrackrEntrackr · 1y ago
Exclusive: Electric mobility startup Matter raises $10 Mn
Medial

Electric mobility startup Matter has raised Rs 82.6 crore (approximately $10 million) in a new round. This is the maiden round of equity funding for the Ahmedabad-based e-bike manufacturer. The board at Matter has issued 1,12,837 CCPS at an issue price of Rs 7,320 each to raise Rs 82.6 crore (approximately $10 million), its regulatory filing accessed from the Registrar of Companies shows. Japan Airlines & Translink Fund invested Rs 25 crore while Info Edge backed Capital 2B Fund poured in Rs 10.8 crore. Helena Special Investments Fund and Abhay P Shah, on behalf of Miracle Carriers are likely to participate in the fundraising. As per TheKredible estimates, the company has been valued at around Rs 1,690 crore or $204 million post-allotment. The e-bike manufacturer was reportedly in talks to raise $200 million to expand its operations, distribution and factory setup. Matter launched its maiden bike in early 2023 and began its pre-orders in May 2023. A year-old firm was in the pre-revenue stage during the fiscal year ended March 2023 while the losses for the firm stood at Rs 25 crore in the same period. It’s yet to file its annual results for FY24. Matter positions itself as a premium brand and this could be evident from its price-range which starts from Rs 1.7 lakh. Unlike Ola Electric and Ather, Matter is not targeting a mass audience and doesn’t compete with the two and other traditional manufacturers. In the e-bike segment, Matter competes with Bharat Forge-backed Tork Motors, TVS-backed Ultraviolette and RattanIndia Enterprises controlled Revolt. Tork Motors raised $6 million from Maxis Capital in January this year whereas Ultraviolette has been reportedly in talks to raise a larger round to the tune of $100 million. Ola Electric, which currently manufactures electric scooters, is also planning to enter the e-bike segment by FY26.

Electric motorcycle maker Oben Electric raises $10.2 Mn in pre-Series B round

EntrackrEntrackr · 8d ago
Electric motorcycle maker Oben Electric raises $10.2 Mn in pre-Series B round
Medial

Electric motorcycle maker Oben Electric raises $10.2 Mn in pre-Series B round Bengaluru-based electric motorcycle maker Oben Electric has raised Rs 85 crore (around $10.2 million) in a pre-Series B round from Indian-American family offices including Raj K Soin, Musa Dakri, and Ramesh Bhutada, along with existing investors. Following its initial $6 million Series A in January, Oben Electric had raised an additional Rs 50 crore ($6 million) in an extended Series A round, taking its total Series A funding to Rs 100 crore ($12 million) in June this year. With the current round, Oben Electric’s total funding stands at Rs 285 crore ($34 million). The company said it is also in discussions to raise a Series B round. The proceeds will be used to expand Oben Electric’s retail network, increase brand reach, and support upcoming product launches. The startup plans to scale its footprint to 150 showrooms and service centres by March 2026, and to 500 outlets over the next two years. It currently operates over 85 showrooms across 70 cities in 18 states. Oben Electric is targeting Rs 100 crore in revenue in FY26 and expects to achieve cost-of-goods-sold (COGS) break-even by March 2026. The brand is aiming for EBITDA break-even by 2027 as volumes scale. Founded in 2020, Oben Electric focuses on vertically integrated manufacturing. The company designs and manufactures key EV components in-house, including LFP battery packs, motors, chargers, and vehicle electronics, from its Bengaluru facility, which has an annual capacity of 1 lakh units. Earlier this year, Oben launched the Rorr EZ Sigma, a city-focused electric motorcycle with features such as reverse mode and a connected TFT display. The company has also expanded online sales through platforms like Amazon and Flipkart. The company competes with startups like Tork Motors and established players entering the electric motorcycle space, but differentiates through full vertical integration, over 25 patents, and R&D-led design.

Ultrahuman Raises $35 Mn To Boost Research In Health Monitoring

Inc42Inc42 · 1y ago
Ultrahuman Raises $35 Mn To Boost Research In Health Monitoring
Medial

Bengaluru-based fitness and healthtech platform, Ultrahuman, has raised $35 million in a mix of debt and equity funding in a Series B round. The funding round included participation from investors such as Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave, and Zomato founder Deepinder Goyal. Ultrahuman plans to use the funds to expand its manufacturing capacity and conduct further research in the health tracking space. The startup offers health tracking and monitoring devices, including fitness rings, and aims to become the market leader in the smart rings space. Ultrahuman also provides a subscription-based fitness platform for better data monitoring and offers a range of workout content.

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