Matel Motion & Energy Solutions, a Pune-based electric vehicle components manufacturer, raised ₹130 crore ($13.6 million) in a Series B funding round led by UC Impower, with participation from Catamaran and existing investor Transition VC, the company announced. The fresh capital will be used to expand manufacturing capacity, advance research and development, and accelerate product development, the startup said.
Founded in 2017 by Netai Patro, Sunil Patel, and Mahesh Toraskar, Matel specialises in designing and manufacturing high-efficiency electric motors and controllers for e-mobility, industrial applications, agricultural pumping, and HVAC sectors. The startup has already entered series production with multiple OEMs across two-wheeler, three-wheeler, and industrial segments. Cofounder Sunil Patel said the funds will help accelerate the product roadmap with advanced R&D infrastructure and expand state-of-the-art manufacturing facilities.
The fresh funding will also support Matel’s entry into the electric commercial vehicles segment and broaden its international footprint to acquire new customers worldwide, according to cofounder Netai Patro. The company had previously raised $4 million in a Series A round in 2024 led by Transition VC. Matel’s focus on synchronous machines and motor controllers positions it in the growing cleantech and electric mobility market, which is seeing increased investor interest amid the global push for sustainable transportation.
Matel plans to use the capital to scale hiring across engineering and production functions while expanding its product range. The company’s Series B round led by UC Impower marks a critical step in its growth trajectory as it targets new segments and international markets, according to inc42.com.