Matel raises Rs 130 crore Series B to scale EV powertrain manufacturing

Pune-based Matel Motion & Energy Solutions has raised Rs 130 crore (about $15 million) in a Series B led by UC Impower, with Catamaran and Transition VC participating. The EV powertrain maker will use the capital for manufacturing expansion, R&D, product development, hiring and international growth.

— FiledMon, 3 Aug, 2026, 14:36 IST·First seen Mon, 3 Aug, 2026, 14:35 IST·Source Entrackr

What happened

Matel Motion & Energy Solutions · Pune-based EV powertrain maker Matel raised Rs 130 crore in a UC Impower-led Series B, joined by Catamaran and Transition VC.

Key facts

  • Rs 130 crore
  • approximately $15 million
  • $4 million Series A funding in May 2024
  • Founded in 2017
  • Mass production commenced in April 2024
  • IE5 industrial motors
  • IE6 motor under development

Why this matters

OEMs, mobility platforms and automotive suppliers may view Matel as a potential partnership or acquisition target as demand grows for integrated, India-built electric powertrain capabilities.

What to watch

  • New OEM supply nominations, platform wins or disclosed order-book growth.
  • Manufacturing capacity additions, plant commissioning dates and utilization levels.
  • Evidence of component localization gains, including reduced imported content or improved gross margins.
  • Customer concentration, warranty claims and quality-certification milestones.
  • Export pilot announcements, overseas distributor tie-ups or international homologation approvals.
  • Follow-on fundraises, strategic partnerships or potential acquisition activity among Indian EV component makers.
  • Commission or expand manufacturing lines for motors, controllers, integrated powertrain systems and related electronics.
  • Increase engineering, quality, applications-support and business-development hiring.
  • Pursue multi-year supply and co-development agreements with Indian EV OEMs in two-wheelers, three-wheelers, light commercial vehicles and off-highway segments.
  • Invest in product localization, software controls, thermal management, efficiency improvements and certification testing.
  • Use fresh investor backing to establish export partnerships or customer pilots in selected international EV markets.

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