Transition VC-backed Matel raises Rs 130 Cr in Series B round led by UC Impower

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Pune based Matel Motion & Energy Solutions has raised Rs 130 crore (around $15 million) in a Series B funding round led by UC Impower. The round also saw Catamaran join as a new investor, while existing investor Transition VC also participated.
In May 2024, Matel had raised $4 million in its Series A round led by Transition VC and others.
The fresh capital will be used to expand manufacturing capacity, strengthen research and development, accelerate product development, increase hiring across engineering and production teams, and support the company's international expansion.
Founded in 2017 by Sunil Patel and Netaji Patro, Matel designs and manufactures motors, motor controllers, and integrated powertrains for automotive and industrial applications.
The startup offers solutions for a wide range of electric vehicles, including two wheelers, three wheelers, four wheelers, buses, and off road vehicles. It commenced mass production of its powertrains in April 2024 after receiving validation and certification from multiple EV OEMs.
Its products are used across electric vehicles, pumping and cooling systems, and other industrial applications.
The company has also developed magnet free motor technology and offers IE5 industrial motors, while an IE6 motor is under development. Matel currently supplies products to multiple OEMs across the two wheeler, three wheeler, and industrial segments.
Founder and CEO Sunil Patel previously led the Chetak EV development programme at Bajaj Auto's R&D division, while co founder Netaji Patro has held R&D roles at Maruti Suzuki and Bajaj Auto.

document fetched 2026-08-04 08:45