Matel Raises $4M in Series A Financing

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Matel, a Pune-based company specialising in mobility and energy solutions, has raised $4 million in Series A funding. The round was led by Transition VC, with participation from Millenium Semiconductors.

Founded in 2017, Matel specialises in manufacturing synchronous machines and motor controllers for various applications, including e-mobility, industrial use, agricultural pumping, and the heating, ventilation, and air conditioning sector. The startup has created a range of electric vehicle powertrain components, including motors, motor control units, vehicle control units, transmissions, and battery management systems. Its offerings extend to various types of electric vehicles, encompassing 2-wheelers, 3-wheelers, 4-wheelers, buses, and off-road vehicles.

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