EV component maker Matel raises Rs.130-Cr in a round led by UC Impower

Pune-based Matel Motion & Energy Solutions has raised INR 130 crore in a Series B funding round led by UC Impower, with participation from new investor Catamaran and existing investor Transition VC.Founded in 2017 by Sunil Patel and Netaji Patro, Matel designs and manufactures motors, motor controllers, and integrated powertrains for automotive and industrial applications. Its product range includes magnet-free motor technology and IE5 industrial motors, with IE6 motors currently under development.The company plans to use the fresh capital to expand its manufacturing capacity, strengthen research and development, accelerate product development, and increase hiring across its engineering and production teams. Additionally, the funds will support the company's international expansion efforts.