VC Fund Investments
EV components maker Matel raises $4-M led by Transition Venture Capital
Pune-headquartered Matel , which makes components like power trains and motor control units for electric vehicles (EV), has raised its first institutional funding of USD 4 million in a funding round led by climate-focused Transition Venture Capital. The round also saw participation from Nikhil Kamath-backed Gruhas and Haresh Abichandani, the founder of electronic components firm Millenium Semiconductor.Founded in 2017, Matel plans to use the funds to expand the team, which is currently sized 60, with hiring focused on doubling the research and development (R&D) team. The firm will also increase its manufacturing capacity from the current 5,000 units a month to 20,000 units a month by FY26.
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