Matel Motion & Energy Solutions has raised ₹130 crore in a Series B round led by UC Impower, with Catamaran joining as a new investor and Transition VC, which led the Series A, returning.

The Pune-based motor and powertrain manufacturer will use the capital to expand manufacturing capacity, strengthen R&D, hire across engineering and production, broaden its product range, enter the electric commercial vehicle segment and expand internationally.

What Matel Builds

Founded in 2017 by CEO Sunil Patel, CMO Netaji Patro and Mahesh Toraskar, Matel designs energy-efficient motors, motor controllers and integrated powertrains for automotive and industrial use, including electric vehicles, pumping equipment and cooling systems.

Its catalogue includes magnet-free motor technology and permanent-magnet synchronous IE5 industrial motors, with an IE6 motor in development. Inc42 names Virya Mobility, Electra EV and Vecmocon Technologies as competitors in powertrain components.

Patel ran the Chetak electric vehicle programme at Bajaj Auto before co-founding Matel. Patro held R&D leadership roles at Maruti Suzuki and Bajaj Auto.

A Family Office Signs On

Catamaran is the investment vehicle for Infosys co-founder N.R. Narayana Murthy’s family assets, according to Autocar Professional and The Hans India. Its entry adds a recognisable name to a round otherwise built around repeat backers.

Transition VC, which led Matel’s Series A, returns as a repeat investor. UC Impower leads the new round as an early-growth investor.

The Dollar Figure Doesn’t Match

Matel’s Series A closed in May 2024 at $4 million, led by Transition VC with Gruhas and angel investor Haresh Abichandani participating. The new round of ₹130 crore converts to a figure the sources dispute: Inc42 puts it at $13.6 million, Entrackr at around $15 million. Neither company has reconciled the gap publicly.

Either number marks more than a threefold increase in dollar terms over fifteen months. Series B rounds in Indian EV components typically track closer to the prior raise than this step-up does.

The jump points to either undisclosed revenue traction or investor conviction in Matel’s IP, chiefly the magnet-free motor line and the IE5/IE6 industrial motor range, which sets it apart from EV motor suppliers competing mainly on price.

Commercial Vehicles Are the Next Test

The funding use is specific: manufacturing capacity, R&D, headcount, broader product range, and entry into electric commercial vehicles alongside international expansion.

Commercial EV powertrains face duty cycles and reliability demands that differ from the passenger and industrial motors Matel has built so far. The IE6 motor remains under development, with no shipping date disclosed.

Sources

Reporting compiled and contextualised by TechScoop India. Figures reconciled across the sources above.

Originally reported by ISN.