Matel raises US$17.7M Series B for energy-efficient motor tech
What's the deal? Pune-based Matel Motion & Energy Solutions has raised US$17.7M (≈$13.7 million) in a Series B round led by UC ImpowerDealroom has a profile for this one. Try Dealroom →, with new investor Catamaran and participation from existing backers Transition VCDealroom has a profile for this one. Try Dealroom →, GruhasDealroom has a profile for this one. Try Dealroom →, and Haresh AbichandaniDealroom has a profile for this one. Try Dealroom →.
What does Matel do? Founded in 2017, the mechatronics company develops motors, motor controllers, and integrated powertrains for automotive and industrial uses, including electric vehicles, pumping, and cooling systems. It supplies components to original equipment manufacturers across the two-wheeler, three-wheeler, and industrial sectors.
The tech: Matel manufactures permanent magnet synchronous motor (PMSM)-based IE5 industrial motors and is developing an IE6 line. It also builds magnet-free designs to reduce supply chain reliance on raw materials.
What's the money for? The capital will fund manufacturing expansion, research and development infrastructure, a broader product range for commercial electric vehicles, and international distribution channels.
Why now? Several existing backers doubled down. "The unwavering commitment of our existing investors, who have chosen to double down and reinvest in this round, is the ultimate vote of confidence in our growth trajectory," said co-founder and chief marketing officer Netaji Patro.
What's the endgame? Founder and chief executive officer Sunil Patel said the company aims to fill "a major vacuum in Indian industries by delivering locally designed and developed energy-efficient mechatronics products." UC ImpowerDealroom has a profile for this one. Try Dealroom → co-founder and partner Richa Natarajan framed the bet more broadly, arguing "energy efficiency will be one of the defining themes of the next industrial cycle."
The signal: The round marks a notable step-up from Matel's earlier financing, reflecting investor appetite for IP-led hardware built in India. Catamaran president Deepak Padaki said the investment "reflects our continued conviction in India's precision engineering and advanced manufacturing ecosystem," a sector drawing capital as electrification accelerates.
Read more: Motoring Trends
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