Electric Vehicle startup Matter Motor announced that it has secured a first tranche of $35 million in Series B round led by US-based venture capital firm Helena. Other notable investors in this round include, Capital 2B, Japan Airlines & Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest), other Institutional investors and Family Offices.

The funds will be used to accelerate MATTER’s innovations in electric motorbikes and scaling in manufacturing, supply chain, marketing and retail, the company said in a press release.

The firm recently raised $10 million as a part of the ongoing round which is likely to be closed at around $70 million. As per TheKredible’s estimates, the company has been valued at around Rs 1,690 crore or $204 million post-allotment. The valuation will vary after the completion of the round.

Matter launched its maiden bike in early 2023 and began its pre-orders in May 2023. The firm has developed its in-house technology stack, leveraging the power of data, software and machine intelligence to create a 4-speed hyper-shift geared electric motorbike, AERA.

As per the company, its product empowers riders to charge anywhere by delivering over 125 kms range per charge with a 5-amp onboard charging system. As of now, Matter has secured 40,000 pre-bookings for its electric motorbike AERA, which is set to commence deliveries this festive season.

Recently, Matter’s chief executive said that the firm ​​is looking to raise between $100 million and $200 million in the next two years to establish a new manufacturing facility with total installed capacity for producing 1 million e-motorbikes.

Matter was in the pre-revenue stage during the fiscal year ended March 2023 while the losses for the firm stood at Rs 25 crore in the same period. It’s yet to file its annual results for FY24.

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