The Pune-based EV components maker will use its latest $13.6 million funding to scale production, develop new products, and hire engineering and manufacturing talent.
Pune-based electric vehicle (EV) components manufacturer Matel Motion & Energy Solutions has secured ₹130 crore (approximately $13.6 million) in a Series B funding round led by early-growth venture capital firm UC Impower. The investment round also attracted participation from Catamaran and existing investor Transition VC, reinforcing confidence in the company’s growth strategy and its role in India’s expanding electric mobility ecosystem.
The fresh funding will be used to significantly expand Matel Motion’s manufacturing capacity, enabling the company to meet the rising demand for locally produced EV components. The company also plans to invest heavily in research and development (R&D) to accelerate innovation and bring new products to market faster.
In addition to scaling production, Matel Motion intends to strengthen its workforce by hiring talent across engineering, manufacturing, and product development functions. The recruitment drive is expected to support the company’s efforts to enhance operational efficiency and speed up the commercialisation of advanced EV technologies.
The funding comes at a time when India’s EV industry is experiencing rapid growth, driven by supportive government policies, increasing consumer adoption, and the push for greater localisation of automotive components. As automakers seek reliable domestic suppliers for critical EV systems, component manufacturers are expanding capacity and investing in technology to capitalise on the growing opportunity.
Matel Motion develops advanced motion and energy solutions for EVs, contributing to the domestic EV supply chain with locally engineered products. By strengthening its manufacturing footprint and accelerating product development, the company aims to support India’s transition toward cleaner mobility while reducing dependence on imported components.
With the latest investment, Matel Motion is well positioned to expand its market presence, enhance its technological capabilities, and cater to the evolving requirements of EV manufacturers in India and international markets. The funding also reflects growing investor interest in startups enabling the country’s shift toward sustainable transportation and advanced automotive technologies.
