Akshata Sharma
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Matter, an electric mobility startup, has secured INR 82.6 Cr (approximately $10 Mn) in a new funding round from investors including Japan Airlines & Translink Fund, Info Edge's Capital 2B Fund, Helena Special Investments Fund, and Abhay Shah representing Miracle Carriers
As per Registrar of Companies (RoC) filings accessed by Inc42, the startup's board approved the issuance of 1.12 Lakh (1,12,837 to be precise) compulsorily convertible preference shares (CCPS) at an issue price of INR 7,320 each. This translates into a total of INR 82.6 Cr.
While Helena Special Investments Fund invested INR 41.75 Cr, Japan Airlines & Translink Fund pumped INR 25 Cr in the startup. Capital 2B Fund and Shah infused INR 10.8 Cr and INR 5 Cr respectively as part of the round.
Matter was pegged at a post-money valuation of around INR 1,690 Cr ($204 Mn).
Founded in 2019 by Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu, Matter manufactures premium electric motorcycles. It is also working to develop lithium-ion batteries for use in electrical grids and solar energy.
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