Funding · Mobility & Logistics

Matel Motion raises ₹130 crore Series B for expansion

By Startup Enthusiast · 3 August 2026

What they do

Matel designs and manufactures motors, controllers, and integrated powertrains for electric vehicles and industrial use

It raised a ₹130 crore Series B round led by UC Impower, with participation from Catamaran and Transition VC

The funds will expand manufacturing and R&D; the company started mass-producing powertrains in April 2024

Matel Motion and Energy Solutions raised a Series B round of ₹130 crore (about $15 million).
The round was led by UC Impower, a venture fund.
Catamaran, Narayana Murthy's family office, participated as a new investor.
Transition VC, an existing investor, also participated in this round.
The company will use the funds to expand manufacturing capacity, strengthen R&D, and accelerate product development.
It will also increase hiring in engineering and production and support international expansion.
Matel began mass production of its powertrains in April 2024 after validation by several EV OEMs.

The company developed magnet-free motor technology and an IE5 industrial motor, with an IE6 motor under development.
It supplies products to multiple OEMs in the two-wheeler, three-wheeler, and industrial segments.
The startup's founders previously held key R&D roles at Bajaj Auto and Maruti Suzuki, giving them deep automotive experience.

Matel designs and manufactures motors, motor controllers, and integrated powertrains for automotive and industrial applications.
Its product range includes IE5 high-efficiency motors, Permanent Magnet Synchronous Motors (PMSM/BLDC), AC generators, and frameless wind/hydro generators.
It also makes radiator fan motors, HVAC motors, and special purpose motors.
The company serves electric vehicles: two-wheelers, three-wheelers, four-wheelers, buses, and off-road vehicles.
Industrial applications include pumping, HVAC, fans, solar pumps, compressors, blowers, and cooling towers.
Matel has 123 employees on LinkedIn and is privately held.

Expand manufacturing capacity and strengthen R&D.
Accelerate product development and increase hiring in engineering and production.
Support international expansion.
Participate in the 25th Energy Efficiency Summit 2026 in Hyderabad (Sep 16-18) to showcase IE5 motor technology.

UC Impower (lead) — A venture fund that led the Series B round.
Catamaran (participated) — Family office of Infosys co-founder Narayana Murthy, participating as a new investor.
Transition VC (existing) — Existing investor that participated in this round.