MATTER - About the company
MATTER is a series C company based in Ahmedabad (India), founded in 2019 by Mohal Rajivbhai Lalbhai and Saran Babu. It operates as a Developer of geared electric motorcycles and EV energy solutions. MATTER has raised $108M in funding from investors like Pioneer Projects Investment, LetsVenture and Pure Capital, with a current valuation of $*****. The company has 527 active competitors, including 58 funded and 13 that have exited. Its top competitors include companies like Ather Energy, Gogoro and Oben Electric.
Company Details
Developer of geared electric motorcycles and EV energy solutions. The company builds India’s first geared electric motorbike platform, led by its Aera model, combining a liquid‑cooled battery pack, manual gearbox, and connected features to offer a familiar yet electrified riding experience. It follows a vertically integrated approach to design in‑house powertrains, battery systems, and control electronics, and is expanding into broader energy storage and EV technology solutions from its manufacturing hub.
- Website
- www.matter.in/
- Social
- Email ID
- *****@matter.in
- Phone Number
- +91 **********
- Registered Address
- 301, PARISHRAM BUILDING, 5B RASHMI SOC., NR. MITHAKHALI SIX ROADS, NAVRANGPURA, Ahmedabad, AHMEDABAD, Gujarat, India, 380009
Key Metrics
Founded Year
2019
Location
Ahmedabad, India
Stage
Series C
Total Funding
$108M in 9 rounds
Latest Funding Round
Post Money Valuation
$***** as on Jun 26, 2025
Investors
Ranked
17th among 527 active competitors
Annual Revenue
0 - ₹10 Cr as on Mar 31, 2025
Employee Count
427 as on Jun 30, 2025
Similar Companies
Legal entities associated with MATTER
MATTER is associated with 1 legal entity given below:
Legal Entity Name | Date of Incorporation | Revenue | Latest Employee Count | Reports |
|---|---|---|---|---|
MATTER MOTOR WORKS PRIVATE LIMITED CIN: U34300GJ2019PTC105854 , India, Active | Jan 03, 2019 | 0 - ₹10 Cr (As on Mar 31, 2025) | 433 (As on Jul 01, 2025) |
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MATTER's funding and investors
MATTER has raised a total funding of $108M over 9 rounds. Its first funding round was on Jan 24, 2022. Its latest funding round was a Series C round on Aug 25, 2026 for $*****. 4 investors participated in its latest round. MATTER has 38 institutional investors and 15 angel investors.
Here is the list of recent funding rounds of MATTER:
Filter this list
Filter this listDate of Funding | Funding Amount | Round Name | Post-Money Valuation | Revenue Multiple | Lead Investors | Other Investors |
|---|---|---|---|---|---|---|
Aug 25, 2026 | 5629506 | Series C | 1867792 | 1836304 | 2481879 | 2605296 |
Jun 26, 2025 | 3855717 | Series B | 1836524 | 7329154 | 4241355 | |
Dec 30, 2024 | 7191457 | Series B | 3228595 | 5148096 |
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MATTER's founders and board of directors
Founder? Claim ProfileThe founders of MATTER are Mohal Rajivbhai Lalbhai and Saran Babu. Mohal Rajivbhai Lalbhai is the CEO of MATTER.
Here are the details of MATTER's key team members:
- Mohal Rajivbhai Lalbhai: Co-Founder & CEO of MATTER and founder of 1 other company. They are also an angel investor in 1 startup and serve on the boards of 3 companies.Contact Info: 1 email address and 1 phone number
- Saran Babu: Co-Founder & CDO of MATTER. They are also an angel investor in 1 startup.Contact Info: 1 email address and 1 phone number
MATTER's Board of Directors
MATTER's board has 5 active members. Mohal Rajivbhai Lalbhai and Arun Pratap Singh are part of team and Amit Dilip Shah, Arvind Sahay and Suprotik Basu are independent board members.Here is the list of MATTER's board of directors:
Name | Type | Representing | Status | Duration |
|---|---|---|---|---|
Team | - | Current | 7y 8m | |
bfzylbi | Team | - | Past | 3y 4m |
Independent board member | - | Current | 2y 7m | |
rzptkey | Independent board member | - | Current | 5y 2m |
in{wvga | Independent board member | - | Past | 4y 5m |
qunsbwf | Independent board member | - | Past | 3y 4m |
View details of MATTER's Founder profiles and Board Members
MATTER's employee count trend
MATTER has 427 employees as of Jun 25. The total employee count is 6.0% lower than what it was in Jun 24. Here is MATTER's employee count trend over the years:
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MATTER's Competitors and alternates
Top competitors of MATTER include Ather Energy, Gogoro and Oben Electric. Here is the list of Top 10 competitors of MATTER, ranked by Tracxn score:
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Rank | Company Details | Short Description | Total Funding | Investors | Tracxn Score |
|---|---|---|---|---|---|
1st |  Ather Energy 2013, Bengaluru (India), Public | Manufacturer of smart electric scooters with connected software, charging infrastructure, and ecosystem services | $502M | 85/100 | |
2nd | Platform offering electric scooters and operator of battery swapping networks | $765M | 77/100 | ||
3rd |  Oben Electric 2020, Bengaluru (India), Series A | Platform offering two wheeler motorcycle products | $37.6M | 75/100 | |
4th |  Ultraviolette 2016, Bengaluru (India), Series E | Manufacturer of electric motorcycles, components, rider safety equipment, and charging infrastructure | $101M | 74/100 | |
5th | Manufacturer of electric scooters designed for urban and developing environments | $42.7M | 71/100 | ||
6th |  Simpl Energy 2019, Bengaluru (India), Series B | Manufacturer of electric scooters designed for urban and long-distance travel | $98.9M | 67/100 | |
7th | Manufacturer of electric bicycles mopeds and smart battery powered scooters | $1.92M | 66/100 | ||
8th | Manufacturer of electric scooters designed for personal and professional use | $174M | 65/100 | ||
9th |  Ola Electric 2017, Bengaluru (India), Public | Manufacturer of electric scooters, motorcycles, and energy storage solutions | $1B | 65/100 | |
10th |  Bounce Infinity 2014, Gurugram (India), Series F | Electric scooter brand and mobility company | $226M | 65/100 | |
17th | Developer of geared electric motorcycles and EV energy solutions | $108M | 57/100 |
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Financials of MATTERFY 25 Available
MATTER MOTOR WORKS PRIVATE LIMITED, the legal entity associated with MATTER, generated less than ₹10 Cr in revenue for the financial year ending on Mar 31, 2025. The revenue of MATTER MOTOR WORKS PRIVATE LIMITED has a compounded annual growth rate (CAGR) of 67% in the last 1 year.
Financial Statement Summary
Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
Income Statement | |||||
Revenue | 9181 | 6526 | 7219 | 8710 | 4885 |
Total Sales | 7444 | 6078 | 9374 | 6664 | 7301 |
Total Expenses | 8847 | 5160 | 4753 | 5617 | 5914 |
Operating Expenses | 8080 | 9732 | 8263 | 4186 | 5818 |
Employee Expenses | 8251 | 9697 | 6025 | 2537 | 3330 |
Operating Income (EBIT) | 8344 | 3704 | 7400 | 1069 | 1340 |
Interest Expenses | 5034 | 1501 | 1680 | 8436 | 3622 |
Expenses from other activities | 8245 | 5907 | 4579 | 4512 | 7230 |
EBITDA | 6281 | 3728 | 1068 | 3449 | 4696 |
Taxes | 8653 | 1940 | 2742 | 7352 | 2322 |
Net Profit | 8053 | 3453 | 9550 | 6097 | 6263 |
Balance Sheet | |||||
Assets | 6345 | 1262 | 9686 | 8692 | 8282 |
Cash Equivalent | 4685 | 2259 | 7087 | 5422 | 6563 |
Accounts Receivables | 1956 | 6257 | 2778 | 7059 | 8873 |
Inventory | 6977 | 8016 | 2177 | 7011 | 5527 |
Liabilities | 4251 | 8008 | 1388 | 3570 | 1683 |
Total Debt | 8039 | 4549 | 1837 | 5802 | 4887 |
Accounts Payable | 4254 | 4437 | 6534 | 8746 | 9803 |
Equities | 4054 | 7682 | 9821 | 8895 | 5044 |
Cashflow Statement | |||||
Cash from Operating activities | 5317 | 5136 | 8547 | 2489 | 8663 |
Cash from Investing activities | 1295 | 4117 | 6753 | 1916 | 1541 |
Net cash from Financing activities | 6478 | 2007 | 6596 | 7106 | 4099 |
Detailed Financials (Income Statement, Balance Sheet, Cashflow Statement)
MATTER's Investments and acquisitions
MATTER has made no investments or acquisitions yet.
Reports related to MATTER
Here is the latest report on MATTER's sector:
News related to MATTER
Filter this listMedia has covered MATTER for a total of 13 events in the last 1 year, 7 of them have been about company updates and 1 about partnerships.
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MATTER Motor Works raises $25 million in growth capital from existing investorsYourStory•Aug 25, 2026•MATTER, Staywell Health
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Matter Motor eyes $50 mn in fresh round at $300 mn valuationMint•Apr 06, 2026•MATTER, Capital 2B, jal.co.jp
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SRK Techtronics and MATTER Present Scalable Pathway for Hardware Through AI-Driven ManufacturingThe Tribune•Jan 13, 2026•MATTER, srktechtronics.com
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SRK Techtronics and MATTER Demonstrate AI-Driven Manufacturing Collaboration at CESThe Tribune•Jan 12, 2026•MATTER, srktechtronics.com
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MATTER MOTOR WORKS Wins Best Patent Portfolio at CII Industrial Intellectual Property Awards 2025The Tribune•Dec 24, 2025•MATTER
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