Matter, an e-bike manufacturer, has secured $35 million in its ongoing Series B funding round.

Matter Motor, a company specializing in EV technology and energy storage, announced it has secured the first tranche of $35 million in its Series B funding round. This round was led by the US-based venture capital firm Helena, with additional investments from Capital 2B, Japan Airlines & Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest), and various institutional investors and family offices.

The funds will be used to advance Matter's innovations in electric motorbikes and to scale up manufacturing, supply chain, marketing, and retail efforts, according to a company press release. The company recently raised $10 million as part of this ongoing round, which is expected to close at around $70 million. TheKredible estimates that Matter's post-allotment valuation is approximately Rs 1,690 crore ($204 million), with the final valuation pending the round's completion.

Matter launched its first bike in early 2023, with pre-orders starting in May 2023. The company has developed its own technology stack, utilizing data, software, and machine intelligence to create the AERA, a 4-speed hyper-shift geared electric motorbike. The AERA offers a range of over 125 km per charge and features a 5-amp onboard charging system, enabling riders to charge anywhere. So far, Matter has secured 40,000 pre-bookings for the AERA, with deliveries set to begin this festive season.

The company's CEO recently mentioned plans to raise between $100 million and $200 million in the next two years to build a new manufacturing facility with a capacity of 1 million e-motorbikes. Matter was in the pre-revenue stage during the fiscal year ending March 2023, reporting losses of Rs 25 crore for that period. The company has not yet filed its annual results for FY24.

In the premium e-bike market, Matter competes with Tork Motors (backed by Bharat Forge), Ultraviolette (backed by TVS), and Revolt (controlled by RattanIndia Enterprises). Ola Electric, which currently produces electric scooters, also plans to enter the e-bike market by early 2026.