Funding · Mobility & Logistics

Matel raises ₹130 crore in Series B funding

By Startup Enthusiast · 3 August 2026

What they do

Matel designs and manufactures motors and powertrains for electric vehicles and industrial use

It raised ₹130 crore (~$15 million) in Series B led by UC Impower, with Catamaran and Transition VC

The company plans to expand manufacturing, enter electric commercial vehicles, and go international

Matel Motion & Energy Solutions raised ₹130 crore (~$15 million) in Series B funding.
The round was led by UC Impower, with participation from Catamaran and existing investor Transition VC.
The company will use the funds to expand manufacturing capacity, strengthen R&D, and accelerate product development.
It also plans to enter the electric commercial vehicle segment and pursue international expansion.
Matel will hire engineering and production staff and broaden its product portfolio.
Mass production of its powertrains began in April 2024.

Matel designs and manufactures motors, motor controllers, and integrated powertrains for EVs and industrial applications.
Its products include energy-efficient motors, magnet-free motor technology, and permanent-magnet synchronous IE5 industrial motors.
It is developing an IE6 motor, the next efficiency class.
EV powertrains are made for two-wheelers, three-wheelers, four-wheelers, buses, and commercial vehicles.
Industrial motors serve textile, pump, compressor, HVAC, and industrial machinery sectors.
The company has deployed 130,000+ high-performance motors across applications.
It operates two manufacturing facilities with a combined annual production capacity of 120,000+ units.
Matel was founded in 2017 and is headquartered in Pune, Maharashtra.