News Post

Matel raises $4 Mn in Series A round

Entrackr · 6m

Mobility and energy solutions startup Matel has raised $4 million in its Series A round, led by Transition VC. The round also saw participation from Gruhas and Haresh Abichandani. Founded in 2017, Matel manufactures synchronous machines and motor controllers for e-mobility, industrial applications, agricultural pumping, and HVAC sector. Specialised in designing and manufacturing high-efficiency electric motors and controllers, it offers a full-stack powertrain solution to OEMs of EVs and the industrial sector. The startup offers application in all kinds of EVs including 2-wheelers, 3-wheelers, 4-Wheelers, buses and off-road vehicles. It started the mass production of powertrains in April 2024 after receiving successful validation and certification by various EV OEMs. Later this year, it will start supplying products for traction and auxiliary application in the CV segment, which is in the 350V segment and up to 100 KW power. In addition, Matel will also start delivering products in 600V and 200 KW power range in FY26, which are currently under the design phase. Over the next two years, it Matel plans to foray into electric motors required in the defence sector. With an order book already in hand and firm plans for product portfolio expansion, Matel is looking forward to exceeding Rs 100 crore in annual sales by next year.