Amidst the growing popularity of electric vehicles (EVs), Ahmedabad-based startup Matter Electric Mobility has successfully raised $10 million in its first equity funding round. This significant capital injection not only affirms investor confidence in the future of electric mobility but also highlights the potential of the innovative startup.
Matter Electric Mobility issued over 1.12 lakh Compulsorily Convertible Preference Shares (CCPS) at a price of Rs 7,320 each, resulting in a total of Rs 82.6 crore (approximately $10 million) raised. Noteworthy contributions came from prominent investors such as Japan Airlines and Translink Fund with Rs 25 crore, Info Edge-backed Capital 2B Fund with Rs 10.8 crore, Helena Special Investments Fund with Rs 41.75 crore, and Abhay P Shah representing Miracle Carriers with Rs 5 crore.
This funding round has propelled the valuation of Matter Electric Mobility to approximately Rs 1,690 crore ($204 million). The company is also engaged in discussions to secure an additional $200 million to facilitate the expansion of its operations, distribution network, and factory setup. With a primary focus on the competitive e-bike market, Matter Electric Mobility aims to enhance its presence and scale its production.
Having launched its inaugural electric bike last year and subsequently accepting pre-orders, Matter Electric Mobility continues to play a pivotal role in shaping the future of daily commuting. As the demand for sustainable transportation options rises, the successful funding round serves as a testament to the promising trajectory of the electric vehicle industry.