Matel Motion Energy Solutions funding reached a new milestone as the Pune-based electric powertrain manufacturer closed a ₹130 crore Series B round led by early-growth-stage VC fund UC Impower, as publicly reported on 2026-08-03. Matel Motion & Energy Solutions — which designs and manufactures motors, motor controllers, and integrated powertrains for automotive and industrial applications — also welcomed Catamaran as a new investor and saw existing backer Transition VC participate in the round.
Quick Highlights
- Founders: Sunil Patel (CEO), Netaji Patro (CMO), and Mahesh Toraskar
- Lead Investor: UC Impower (early-growth-stage VC fund focused on Climate Solutions and Financial Services)
- Participating Investors: Catamaran (new investor); Transition VC (existing investor)
- Investor Background: Catamaran is the venture investment firm managing assets of Infosys founder Narayana Murthy
- Headquarters: Pune, Maharashtra
- Announcement Date: 3 August 2026
Funding Breakdown
Use of Funds
The company intends to deploy the fresh capital across several key priorities. As publicly reported, Matel plans to expand its manufacturing capacity, advance internal R&D capabilities, accelerate product development, and increase hiring across engineering and production teams. The funds will also support the company’s international expansion as it looks to acquire new customers worldwide.
Funding Timeline
Prior to this Series B, Matel had raised $4 million in a Series A round in May 2024, led by Transition VC, with participation from Gruhas and investor Haresh Abichandani. The Series A capital supported product commercialisation, manufacturing readiness, and scaling operations, leading to commercial production of its powertrains. The latest ₹130 crore raise represents a significant step-up in the company’s funding trajectory.
Expansion Plans
Matel Motion & Energy Solutions plans to broaden its product portfolio and enter the electric commercial vehicle (EV CV) segment — a market that demands specialised powertrains capable of handling heavier loads and more rigorous duty cycles. The company has also stated its intent to expand its international footprint to acquire new customers worldwide. On the hiring front, the company will scale its engineering and production teams as it ramps up manufacturing. As publicly reported, Matel is already in series production supplying OEMs across the two-wheeler, three-wheeler, and industrial sectors, and is now targeting four-wheelers, buses, and off-road vehicles.
Significance
This Series B round underscores the growing investor appetite for homegrown EV component manufacturers as India’s electric mobility sector pushes for deeper localisation of its supply chain. The entry of Catamaran — the investment firm of Infosys founder Narayana Murthy — onto Matel’s cap table lends considerable strategic credibility to the startup’s growth ambitions. Founded in 2017, Matel has differentiated itself through magnet-free motor technology and PMSM-based IE5 ultra-high-efficiency industrial motors, with an IE6 product currently under development, placing it at the forefront of India’s deep-tech EV components space. The ₹130 crore infusion positions the company to transition from a domestic OEM supplier into a globally competitive powertrain manufacturer.
These details have been verified against multiple publicly available reports as of 2026-08-03.
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Disclaimer: This report is compiled from publicly available sources and is for informational purposes only; funding figures are as publicly reported and may be subject to change.
