<p>Matter Motors had last raised USD 10 million in June 2022 from Capital 2B and Baring Private Equity Partners, among others. </p>
Matter Motors had last raised USD 10 million in June 2022 from Capital 2B and Baring Private Equity Partners, among others.

Electric motorcycle maker Matter Motors has raised INR 82 crore in a funding round that saw investments from Japan Airlines & TransLink Innovation Fund and Helena Special Investments Fund, among others.

The Ahmedabad-based firm issued 1.1 lakh compulsory convertible preference shares at an issue price of INR 7,320 each for the fundraising, documents filed with the Registrar of Companies showed.

Los Angeles-based private equity firm Helena Special Investments Fund invested about INR 41 crore, while Japan Airlines & TransLink Fund, the venture arm of Japan Airlines, invested INR 25 crore. Info Edge backed Capital 2B Fund doubled down on its previous investment in the firm with INR 10 crore in funding.

Matter Motors had last raised USD 10 million in June 2022 from Capital 2B and Baring Private Equity Partners, among others.

ET had reported in November last year that the firm was looking to raise USD 100-200 million in funds over the next two years to expand operations and set up a factory. It launched its first vehicle, Aera, early last year and is currently taking bookings. The vehicle is available in two variants, costing INR 1.7 lakh and INR 1.8 lakh, respectively.

Matter Motors competes with the likes of TVS-backed Ultraviolette and Bharat Forge-backed Tork Motors, while electric scooter maker Ola Electric had showcased four variations of electric motorcycles in August last year, with updates on launch dates. Ultraviolette, which makes the F77 bike, is set to begin deliveries of its bikes in European markets including Turkey, Spain and Germany from the second half of this year.

  • Published On Jun 27, 2024 at 08:20 AM IST

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