Electric motorcycle company Matter Motors secured Rs 82 crore in funding. This investment round included participation from several companies, such as Japan Airlines, TransLink Innovation Fund, and Helena Special Investments Fund.
To raise the funds, Matter Motors, based in Ahmedabad, issued 110,000 compulsory convertible preference shares (CCPS). These shares were sold for Rs 7,320 each, according to documents filed with the Registrar of Companies.
Los Angeles-based private equity firm Helena Special Investments Fund invested around Rs 41 crore. Japan Airlines, through its venture capital arm Japan Airlines & TransLink Fund, invested Rs 25 crore. Interestingly, Info Edge, which had previously invested in Matter Motors, participated again with an additional Rs 10 crore through its Capital 2B Fund.
Matter Motors had last raised $10 million in June 2022 from Capital 2B and Baring Private Equity Partners, among others.
Back in November last year, they revealed plans to raise a whopping $100-200 million over the next two years. This funding would fuel their expansion plans, including setting up a new factory. Matter Motors launched its first electric motorcycle, the Aera, early last year and is currently taking pre-orders. The Aera comes in two variants, priced at Rs 1.7 lakh and Rs 1.8 lakh, respectively.
Matter Motors faces competition from several players, including TVS-backed Ultraviolette and Bharat Forge-backed Tork Motors. Even electric scooter giant Ola Electric is planning to enter the motorcycle market. Ola Electric showcased four electric motorcycle concepts in August last year, though launch dates haven’t been confirmed yet.
Meanwhile, Ultraviolette, known for its F77 electric motorcycle, is expanding its reach. They’ll be starting deliveries in Europe later this year, targeting markets like Turkey, Spain, and Germany.
