In its Series A fundraising round, Matel, a company that offers energy and mobility solutions, raised $4 million under the direction of Transition VC. Gruhas and Haresh Abichandani were also present in the round.

Makers of synchronous machines and motor controllers for the HVAC, industrial, e-mobility, and agricultural pumping industries, Matel was founded in 2017. The company offers an integrated powertrain solution to electric car manufacturers and the industrial sector, specialising in the development of high-efficiency electric motors and controllers.

Applications are available for every kind of electric vehicle (EV), including two-wheelers, four-wheelers, buses, and off-road vehicles. Mass production of powertrains started in April 2024 after many EV OEMs successfully validated and certified the product.

It will begin providing traction and auxiliary items later this year in the 350V market for up to 100 KW of power in the CV segment. Matel will also begin supplying goods in the 200 KW and 600V power range in FY26; these items are now in the design stage.  

Matel plans to enter the market for electric motors over the next two years, as they are essential for the defence industry. With an order book in place and a well-thought-out plan for growing its product line, Matel hopes to generate revenues of more than Rs 100 crore by the next year.

The $30 million Series B investment endeavour is being led by Fundamentum and Edelweiss Discovery Fund, according to a recent announcement from ProcMart Mobility, a provider of electric mobility solutions.

Even though the Mumbai-based company did not reveal any further details regarding the transaction, Entrackr went through its regulatory filings to determine the exact value, captable, and round breakdown.

In order to generate Rs 246 crore, or $30 million, the board adopted a special resolution to allocate 33,521 Series B CCPS at an issue price of Rs 73,388.82 apiece, according to ProcMart’s regulatory filing, which is available through the Registrar of Companies.

With a total of Rs 102.5 crore, Fundamentum led the round, followed by Paramark KB Fund with Rs 57.4 crore and Edelweiss Discovery Fund with Rs 86.1 crore.

A post-money valuation of the company is projected by TheKredible to be around Rs 724 crore, or $88 million.