Matel Motion and Energy Solutions Private Limited has raised ₹130 crore in a Series B fundraise led by UC Impower, with Catamaran joining as a new investor and Transition VC continuing its support as an existing investor. The Matel Series B fundraise drew advisory mandates from two leading Indian law firms, with Khaitan & Co acting for Matel and JSA Advocates and Solicitors acting for the investor side. The transaction represents a significant capital infusion into India’s electric mobility and industrial motor technology sector.
Introduction
Matel is an Indian technology company which designs and manufactures energy-efficient motors, motor controllers and integrated powertrains for automotive and industrial applications, including electric vehicles, pumping and cooling systems. The company was founded in 2017 by Sunil Patel and Netaji Patro.
The Series B fundraise was led by UC Impower, with Catamaran joining as a new investor and Transition VC continuing its support as an existing investor. In May 2024, Matel had raised $4 million in its Series A round led by Transition VC and others. The current round marks a significant step up in investor confidence and deal size for the Pune-based company.
Deal Value
Matel Motion & Energy Solutions secured ₹130 crore in this Series B funding round.
Legal Teams Involved
Khaitan & Co — Advised Matel Motion and Energy Solutions Private Limited
Khaitan & Co advised Matel on this fundraise. The transaction team consisted of the following members:
- Bhavik Narsana — Partner
- Shweta Dwivedi — Consultant
- Pragya Mishra — Associate
- Sakshi Mehta — Associate
JSA Advocates and Solicitors — Advised UC Impower Fund and Catamaran Ventures
JSA Advocates and Solicitors advised both the lead investor and the incoming new investor on the transaction. The firm assisted UC Impower on all aspects of the transaction, including advising on the term sheet, conducting legal due diligence on Matel, negotiating and finalising the definitive documents, and advising on pre-closing and closing actions. JSA also provided end-to-end transaction support to Catamaran Ventures, advising on the term sheet, negotiating definitive documents, and assisting until closing.
Team advising UC Impower Fund:
- Gerald Manoharan — Partner
- Manuel Jose — Partner
- Harshita Agarwal — Senior Associate
- Shobika Veluprakash — Associate
Due diligence team:
- Manuel Jose — Partner
- Harshita Agarwal — Senior Associate
- Prerana Damaraju — Senior Associate
- Netra Vasudevan — Associate
- Shobika Veluprakash — Associate
- Shreeya Sucharita — Associate
Team advising Catamaran Ventures:
- Probir Roy Chowdhury — Partner
- Moushami Nayak — Associate
Significance and Impact
Matel designs and manufactures energy-efficient motors, motor controllers and integrated powertrains for automotive and industrial applications, including electric vehicles, pumping and cooling systems. The new capital will be allocated to increase the company’s manufacturing capacity, enhance research and development efforts, speed up the creation of new products, and hire additional engineering and production personnel.
The transaction is notable for the breadth and depth of legal support it attracted. With Khaitan & Co anchoring the company-side mandate and JSA Advocates and Solicitors managing a dual-client mandate across both the lead investor and a new strategic investor, the deal reflects how Series B rounds in India’s deep-tech and EV sector are attracting increasingly sophisticated legal structuring. The round also marks a substantial valuation step up from Matel’s Series A raise of $4 million in May 2024.
UC Impower is described as an early-growth-stage fund investing in Climate Solutions and Financial Services, making this investment consistent with its sectoral focus on energy-efficient technologies. The participation of Catamaran Ventures, known for backing high-quality Indian technology businesses, further underscores the market’s recognition of Matel’s engineering capabilities and IP-led manufacturing model.
For a running tracker of law firm deal activity, see the Deal Meter.
The Matel ₹130 crore Series B fundraise confirms robust investor appetite for India’s energy-efficient motor and EV powertrain segment. Khaitan & Co and JSA Advocates and Solicitors delivered comprehensive legal coverage across company, lead investor, and new investor mandates. The capital is expected to accelerate Matel’s manufacturing scale-up, R&D pipeline, and hiring of engineering and production talent.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
