Mattel secures $4 million in Series A funding to accelerate electric powertrain solutions

Funding Alert

Matel, a pioneering startup specializing in synchronous machines and motor controllers, has successfully raised $4 million in its Series A funding round. The funding was led by Transition VC with additional participation from Gruhas and Haresh Abichandani.

Founded in 2017, Matel has established itself as a key player in the design and manufacture of high-efficiency electric motors and controllers, offering end-to-end powertrain solutions to original equipment manufacturers (OEMs) in the electric vehicle (EV) and industrial sectors. The startup’s technology covers a variety of applications, including e-mobility, industrial machinery, agricultural pumping and HVAC systems.

One of Matel’s main strengths lies in its ability to cater to a wide range of electric vehicles, from two-wheelers to buses and off-road vehicles. Following successful validation and certification by leading EV OEMs, Matel began series production of its powertrains in April 2024, marking a significant milestone in its growth trajectory.

«We plan to allocate the capital raised to ramp up production, develop new products and expand our R&D team and equipment over the next three years,» said Mahesh Toraskar, Flounder, Matel.

In the future, Matel plans to expand its product offering with solutions for the commercial vehicle (CV) segment, focusing on applications in the 350 V segment with power up to 100 kW. In addition, the startup is currently in the design phase for products targeting the 600 V and 200 KW power series, which are scheduled for launch in FY26.

Matel’s ambitious growth strategy also includes venturing into the defense sector to supply electric motors needed for defense applications. With a robust order book already in place and plans for an expanded product portfolio, Matel expects to cross Rs 100 crore in annual sales in the coming fiscal.

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