EV components maker Matel Motion & Energy Solutions raises ₹130 Cr Series B led by UC Impower to accelerate R&D and scale manufacturing

Matel Motion & Energy Solutions, a Pune-based electric motor and powertrain manufacturer, has raised ₹130 crore ($13.6 million) in a Series B funding round led by UC Impower, with participation from Catamaran and existing investor Transition VC. Founded in 2017, the startup specializes in energy-efficient motors and motor controllers for various applications, including electric vehicles and industrial uses.¹²⁷⁸⁹

The fresh capital will be utilized to expand manufacturing capacity, enhance research and development, and accelerate product development. Co-founder and CEO Sunil Patel emphasized that this funding is a significant milestone, stating, “With this capital, our primary focus will be accelerating our product roadmap with advanced R&D infrastructure and expanding our state-of-the-art manufacturing set-up.”³⁴

Matel plans to broaden its product portfolio and enter the electric commercial vehicle segment, while also expanding its international footprint to attract new customers. Co-founder Netaji Patro noted that the funding will allow the startup to scale hiring across engineering and production functions.⁵⁶

The company has already entered series production with multiple original equipment manufacturers (OEMs) across the two-wheeler, three-wheeler, and industrial segments. Matel competes with other EV-focused manufacturers like Virya Mobility and Electra EV, as investors increasingly seek to support startups in the electric mobility space to enhance localization efforts and expansion strategies.