Matter (India) raises €21.5M in fresh growth capital
B2B News | Matter has raised €21.5M (₹240 crore) in fresh growth capital from existing investors increasing their commitment. This takes the company’s total capital raised to around €89.5M (₹1,000 crore), of which more than €67M (₹750 crore) has already been deployed into R&D, product development, manufacturing and market build-up.
Over four years, that capital has gone into building the following.
A ground-up geared electric motorcycle, with powertrain, battery systems, control electronics and software all designed in-house and manufactured at the company’s own facility in Ahmedabad.
HyperShift, India’s first manual gearbox on an electric motorcycle. Clutch, gears and the shift felt through the rider’s left hand – not an approximation of the traditional riding experience, but the riding experience itself.
111 granted patents, recognised with the Best Patent Portfolio award at CII’s Industrial Intellectual Property Awards 2025.
Over 10 million real-world kilometres logged on the AERA, with data feeding back into every motorcycle that follows it. Where the industry electrified the scooter, Matter took on the harder problem: India rides motorcycles, and riders were never going to trade away the machine they grew up with just to go electric.
The company is now in capacity expansion mode. Monthly production capacity is being scaled to 1,000 motorcycles, with a further step up to 2,500 in the months that follow. The goal is to close the gap between the day a rider chooses an AERA and the day they ride it home.
Retail footprint is also widening across India’s motorcycling heartland – the towns where the motorcycle is not a lifestyle choice but the way people get to work.
On the product side, four new motorcycles on the AERA platform are planned over the next 12 to 24 months, built on the same in-house powertrain, battery and software stack.
Note: EUR figures are approximate, based on today’s INR/EUR rate (~€0.00895 per rupee).