Matel raises ₹130 Cr Series B to scale EV components manufacturing
Pune-based Matel Motion & Energy Solutions has raised ₹130 crore in a Series B led by UC Impower. The EV components maker will use the capital to expand manufacturing, R&D, product development and engineering talent, including a push into electric commercial vehicles.
What happened
Pune-based EV components maker Matel Motion & Energy Solutions raised ₹130 crore in Series B funding led by UC Impower to expand manufacturing, R&D, product
Key facts
- ₹130 Cr ($13.6 Mn) Series B funding
- $4 Mn Series A funding in 2024
- Founded in 2017
- Simple Energy raised ₹250 Cr ($26.3 Mn) in Series B
- Exponent Energy raised ₹200 Cr
Why this matters
The funding makes Matel a better-capitalized potential partner or acquisition target for OEMs and mobility players seeking EV-component capabilities in India.
What to watch
- Announcements of named OEM supply contracts, letters of intent or multi-year order-book value.
- New plant, line expansion or capacity-utilization disclosures.
- Commercial-vehicle product launches that identify Matel as a component supplier.
- Evidence of product certifications, validation milestones or homologation approvals.
- Hiring growth in engineering, manufacturing quality and sales/program teams.
- Follow-on funding, strategic investment or debt financing within 12-24 months.
- Indian electric bus, truck and light-commercial-vehicle tender volumes and fleet procurement activity.
- Commission additional manufacturing lines and supplier tooling for EV-component volumes.
- Hire engineering, testing, quality and OEM program-management talent.
- Pursue design wins with electric bus, truck, light-commercial-vehicle and fleet-focused OEMs.
- Expand R&D around commercial-vehicle durability, thermal management, power electronics and energy systems.
- Seek strategic partnerships with OEMs, fleet operators, battery providers or tier-one suppliers.
- Use the funding milestone to prepare for a larger growth round after demonstrating order-book traction.