The electric transportation startup, Matter, has successfully secured Rs 82.6 crore in its latest funding round. This marks the initial stage of securing investment in the Ahmedabad-based electric bicycle business.
The board at Matter has issued 1,12,837 CCPS (Compulsorily Convertible Preference Shares) at an issue price of Rs 7,320 each, with the aim of raising roughly Rs 82.6 crore (equivalent to $10 million).
Japan Airlines and Translink Fund invested 25 crore rupees, while Info Edge supported Capital 2B Fund with 10.8 crore rupees. Helena Special Investments Fund and Abhay P Shah, representing Miracle Carriers, are expected to take part in the fundraiser.
Read also – Zepto in Talks to Secures $400 Mn Funding
Matter was engaged in discussions to secure $200 million in funding in order to enhance its operations, distribution, and industrial infrastructure.
Matter introduced its inaugural bicycle in early 2023 and launched pre-orders in May of the same year. at the fiscal year ending March 2023, a one-year-old company was at the stage before generating revenue, and it incurred losses amounting to Rs 25 crore during the same period. The company has not yet submitted its annual financial statements for the fiscal year 2024. Entrackr was the first to report the development.
Matter establishes itself as a high-end brand, as indicated by its price range, which begins at Rs 1.7 lakh. Matter differentiates itself from Ola Electric and Ather by not aiming for a wide consumer base and by not engaging in direct competition with these two companies and other conventional manufacturers.
About Matter
Founded in 2019 by Mohal Lalbhai, Matter is an innovation-intensive start-up creating futuristic electric vehicle platforms and energy storage solutions.
Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:
Startup Success Stories: Discover inspiring tales of startups overcoming challenges and achieving success.
Funding Startup News: Stay updated with the latest news and trends in startup funding and investment.
Startup Insights: Dive into in-depth analyses of various industries and market trends to make informed business decisions.
