Pune-based Matel Motion & Energy Solutions has raised ₹130 crore (around $15 million) in a Series B funding round led by UC Impower. The round also saw Catamaran join as a new investor, while existing backer Transition VC participated in the financing.
The fresh capital will help the electric mobility technology company expand its manufacturing capabilities, accelerate product innovation, and strengthen its global presence as demand for advanced EV powertrain solutions continues to grow.
Funding to Expand Manufacturing and R&D
According to the company, the newly raised capital will be deployed to expand manufacturing capacity, strengthen research and development (R&D), accelerate product development, and increase hiring across engineering and production teams.
Matel also plans to use the investment to support its international expansion as it scales operations beyond the Indian market.
The latest round comes two years after the startup raised $4 million in a Series A funding round led by Transition VC in May 2024.
Developing Advanced EV Powertrain Technologies
Founded in 2017 by Sunil Patel and Netaji Patro, Matel designs and manufactures electric motors, motor controllers, and integrated powertrains for automotive and industrial applications.
The company’s technology is used across a broad range of electric vehicles, including electric two-wheelers, three-wheelers, passenger vehicles, buses, and off-road vehicles.
In addition to electric mobility, Matel’s products are also deployed in industrial pumping systems, cooling systems, and other industrial applications requiring high-efficiency electric motors.
Mass Production Began After OEM Validation
Matel commenced mass production of its integrated powertrain systems in April 2024 after securing validation and certification from multiple electric vehicle original equipment manufacturers (OEMs).
The company currently supplies its products to several OEMs operating in India’s electric two-wheeler, three-wheeler, and industrial equipment segments, supporting the country’s rapidly expanding EV ecosystem.
The latest funding is expected to help the company increase production capacity as demand for indigenous EV components continues to rise.
Building Next-Generation Magnet-Free Motor Technology
One of Matel’s key technology differentiators is its focus on developing magnet-free electric motor technology, aimed at reducing dependence on rare earth materials used in conventional EV motors.
The company also manufactures IE5 industrial motors, among the highest efficiency categories currently available, while an even more energy efficient IE6 motor is under development.
These technologies position Matel to serve both the electric mobility market and industrial customers seeking high efficiency motor solutions.
Experienced Founders with Strong Automotive Background
Matel’s leadership team brings deep expertise from India’s automotive industry.
Founder and CEO Sunil Patel previously led the Chetak EV development programme at Bajaj Auto’s Research & Development division, playing a key role in one of India’s prominent electric scooter projects.
Co-founder Netaji Patro has held research and development positions at Maruti Suzuki and Bajaj Auto, bringing extensive experience in automotive engineering and product development.
Their combined expertise has helped Matel build advanced electric propulsion technologies tailored for both automotive and industrial applications.
Strengthening India’s EV Component Manufacturing Ecosystem
The latest Series B funding highlights growing investor confidence in companies developing indigenous electric mobility technologies.
As India accelerates EV adoption and strengthens domestic manufacturing under initiatives such as Make in India, demand for locally developed motors, controllers, and integrated powertrains is expected to increase significantly.
With fresh funding from UC Impower, support from Transition VC, participation from Catamaran, and an expanding portfolio of advanced motor technologies, Matel is well positioned to strengthen its manufacturing capabilities and expand its footprint in both domestic and international markets.
