Electric vehicle components maker Matel raises $4 million in funding | Company News
Founded in 2017, Matel manufactures synchronous machines and motor controllers for e-mobility, industrial applications, agricultural pumping, and the HVAC sector
Nitin Kumar New Delhi
Pune-based electric vehicle component maker Matel has raised $4 million in a funding round led by clean energy-focused venture fund Transition Venture Capital.
Transition VC is an energy transition-focused VC fund. The round also saw participation from Nikhil Kamath-backed Gruhas and from Haresh Abichandani, the founder of electronic components firm Millennium Semiconductor.
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Founded in 2017, Matel manufactures synchronous machines and motor controllers for e-mobility, industrial applications, agricultural pumping, and the HVAC sector. Specialised in designing and manufacturing high-efficiency electric motors and controllers, it offers a full-stack powertrain solution to original equipment manufacturers (OEMs) of EVs and the industrial sector.
“This fundraise marks a pivotal moment in our journey, empowering us to further enhance the experience of our customers and partners while simultaneously advancing our vision for a sustainable future. We plan to allocate the raised capital for scaling up production, new product development, and expanding our R&D team and required equipment over the next three years,” Mahesh Toraskar, Founder of Matel, said.
Matel also plans to expand its product offerings to include solutions for the commercial vehicle (CV) segment, focusing on applications in the 350V segment with power capacities up to 100 kW. Additionally, the startup is currently in the design phase for products targeting the 600V and 200 kW power range, scheduled for release in financial year 2026.
Matel’s ambitious growth strategy also includes venturing into the defence sector, aiming to supply electric motors required for defence applications. With a robust order book already in place and plans for an expanded product portfolio, Matel anticipates surpassing Rs 100 crore in annual sales by the upcoming fiscal year.
Speaking on Transition VC’s investment in Matel, its Co-founder and Managing Partner, Raiyaan Shingati, said, “We are confident in Matel founders’ capability to lead the company to success given their expertise and experience with industry giants like Bajaj, Ola, and Maruti Suzuki.”
“Electric motor-driven systems consume approximately 45 per cent of the global electricity, which is roughly around 7,100 TWh/year and is expected to reach 13,000 TWh/year by 2030. The efficiency of motors has to increase drastically to achieve net zero and industrial decarbonisation goals,” Mohammed Shoeb Ali, Co-founder and Managing Partner, Transition VC, said.
