Pune-based electric vehicle (EV) startup Matel has secured a fund of $4 million in Series A funding led by Transition VC. Significant contributions were made from the founder of Gruhas, Nikhil Kamath, and founder of Millenium Semiconductor, Haresh Abichandani.
Matel was founded in 2017 by Mahesh Toraskar and since then has built a strong reputation in designing and manufacturing synchronous machines and motor controllers. e-Mobility, industrial operations, agricultural pumping and HVAC systems are some of the sectors where its products are currently being used. It mainly offers motors, motor control units, vehicle control units and battery management systems.
Toraskar highlighted the dedication of startup to driving positive change and deliver value through innovative products and strategic partnerships. The fresh investment will help in scaling up production, develop new products and expand research as well as development capabilities. The company is targeting over ₹100 crore annual sales by next year.
Transition VC Co-founder & Managing Partner Raiyaan Shingati expressed confidence in the leadership of Matel and the critical role it plays within the EV value chain segment. He emphasized the importance of supporting such companies which are at the forefront of the EV and energy solutions industry.
Nikhil Kamath of Gruhas too praised the startup for its contributions in the EV movement with sustainable electric drivetrains and motor controllers. He said it has the potential to impact the market significantly.
The EV and energy solutions market is growing and Matel’s innovative approach is well positioned to capitalize it. The fresh investment reflects confidence of investors in its vision and execution capabilities. It is believed to tap the leadership position in India’s EV and energy solutions segment.
