Pune based EV component maker Matel Motion and Energy Solutions has raised Rs 130 crore in a Series B round led by UC Impower. New investor Catamaran and existing backer Transition VC also joined. The funding follows its $4 million Series A in May 2024, strengthening its growth plans in clean mobility.
Funding Use
The newly raised capital will be used to scale Matel Motion and Energy Solutions’ manufacturing capacity, strengthen its R&D operations, and speed up product design timelines. The company also plans to expand its engineering and production teams while preparing to enter international markets, signalling its next phase of growth.
Established in 2017, Matel Motion and Energy Solutions specialize in designing and producing motors, motor controllers, and integrated powertrains for automotive and industrial sectors. Mass production of its proprietary powertrains began in April 2024 after validation from multiple OEMs, marking a significant milestone in scaling its clean mobility technology.
Tech Experience
The leadership team brings extensive technical experience from legacy automotive institutions. Founder and CEO Sunil Patel previously directed the Chetak electric vehicle development program at Bajaj Auto. Co-founder Netaji Patro held research and development positions at Maruti Suzuki and Bajaj Auto prior to launching the venture.
The company catalog serves various segments, including two-wheelers, three-wheelers, four-wheelers, buses, and off-road vehicles. Additional deployment areas cover industrial machinery, pumping systems, and cooling infrastructure. Technological developments include magnet-free motor designs alongside commercialized IE5 industrial motors and an IE6 motor currently under development.
Market Demand
Company leadership noted that market demand for localized electric propulsion systems continues to grow as manufacturers prioritize domestic supply chains. The latest funding provides the financial runway required to scale operations and meet rising volume requirements from client manufacturers.
"The fresh capital allocation allows us to scale our production infrastructure and accelerate engineering output to support domestic and international vehicle manufacturers," said Sunil Patel, founder and chief executive officer at Matel. "Demand for reliable electric powertrains requires continued investment in advanced motor architectures, and this round strengthens our capability to deliver those systems at scale."
The company supplies components to original equipment manufacturers across two-wheeler, three-wheeler, and industrial verticals. Management aims to broaden commercial reach internationally while advancing efficiency benchmarks for heavy-duty and light electric vehicles.
About Company
Matel Motion and Energy Solutions was founded in 2017 by Sunil Patel and Netaji Patro, both alumni with deep automotive R&D experience from Bajaj Auto and Maruti Suzuki. Based in Pune, the company designs and manufactures electric motors, motor controllers, and integrated powertrains for automotive and industrial sectors, serving diverse vehicle categories and machinery markets with advanced motor technology.
