Electric vehicle powertrain manufacturer Matel has raised ₹130 crore in a funding round led by UC Impower, as the Pune-based company looks to expand manufacturing capacity, accelerate product development and strengthen its position in India's electric mobility supply chain, according to company announcements.
Founded in 2017 by Sunil Patel, former head of Bajaj Auto's Chetak electric vehicle development programme, and Netaji Patro, a former research and development executive at Maruti Suzuki and Bajaj Auto, Matel designs and manufactures electric motors, motor controllers and integrated powertrain systems for electric vehicles and industrial applications.
The company said the fresh capital will be used to scale production, expand research and development, and support the commercialisation of next-generation electric propulsion technologies. It also plans to strengthen engineering capabilities and increase supplies to original equipment manufacturers (OEMs) in India and overseas.
Matel develops high-efficiency traction motors, motor controllers and integrated drive systems used in electric two-wheelers, three-wheelers, passenger vehicles and industrial equipment. The company focuses on improving energy efficiency, vehicle performance and system integration for electric mobility applications.
The investment comes as India's electric vehicle component ecosystem attracts increasing investor interest alongside rising EV adoption. Demand for locally developed motors, controllers and power electronics has grown as vehicle manufacturers seek to reduce import dependence and improve supply chain resilience.
Industry participants expect investment in EV component manufacturers to increase as automakers expand electric vehicle production and government incentives continue to encourage domestic manufacturing. Companies producing batteries, motors, controllers and drivetrain systems are viewed as critical suppliers for the country's transition to electric mobility.
Matel's founders bring decades of automotive engineering experience. Before co-founding the company, Sunil Patel led the development of Bajaj Auto's Chetak electric scooter programme, while Netaji Patro held engineering and research leadership roles at both Maruti Suzuki and Bajaj Auto.
The latest funding is expected to support Matel's expansion as competition intensifies among Indian and global suppliers of electric vehicle powertrain technologies.
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