Electric vehicle manufacturers in India secure new funding

Electric vehicle manufacturers in India are securing fresh capital to expand production and research capabilities.

Matter, an electric motorcycle and energy storage company, has raised ₹2.4 billion (~$25 million) from existing investors. This brings the company’s total capital raised to approximately ₹10 billion. The funds are earmarked for expanding production capacity, increasing its retail footprint, and developing its electric motorcycle portfolio. Matter aims to increase its monthly production capacity to 1,000 units, with a long-term goal of 2,500 units per month, and plans to introduce four new motorcycles based on its AERA platform within the next 12 to 24 months.

Separately, commercial EV manufacturer Omega Seiki Mobility (OSM) has raised an additional ₹50 crore. The funding round was co-led by Abhishek Misra of SKG Asset Management, Unistone Capital, and various family offices. OSM intends to use the capital to increase manufacturing capacity, strengthen R&D, expand its dealer and service networks, and accelerate the rollout of next-generation electric mobility products, including passenger mobility and premium electric two-wheelers.