Matter Motors Plans To Go Public In The Next 3-4 Years; Looks To Expand & Export Soon
Ahmedabad-based electric motorcycle startup Matter Motors is gearing up for aggressive expansion, both in terms of product and capacity, with plans to raise USD 200 million (approx. Rs. 1,730 crore) over the next few years. The funding will support the rollout of new models and the ramp-up of production. The big news is that the startup is also eyeing a public listing within the next 3-4 years in a bid to raise capital. Matter has so far focused on a single product - the Aera, India's first electric motorcycle equipped with a 4-speed manual gearbox. Priced at around Rs. 1.8 lakh, the Aera is currently available in Ahmedabad and Bengaluru, with deliveries having commenced in late 2024.
The company has already raised USD 75 million through Series B rounds, placing its current valuation at approximately USD 230 million (Rs. 1,990 crore). Notable investors include Helena, Capital 2B, Japan Airlines & Translink Innovation Fund, LetsVenture, Baring Private Equity Partners, and Saad Bahwan Investment Management Company (SB Invest).
While Matter's primary focus remains the domestic push for the Aera electric motorcycle, international ambitions are not far behind. From 2025, the startup intends to explore export opportunities in South East Asia, Eastern and Southern Europe, East Africa, and Latin America. The company currently has no plans to branch out into electric scooters or premium electric motorcycles. Presently, it competes with the likes of Revolt Motors, Oben Electric, and Ola Electric in the sub-200cc equivalent electric motorcycle space.
Manufacturing currently takes place at a pilot facility in Ahmedabad, which the company is in the process of scaling up. The plant's capacity is expected to hit 1.2 lakh units annually, with a target to roll out 5,000 motorcycles per month by mid-2026. Matter has indicated that once this capacity is optimally utilised, it will begin scouting for a new, larger manufacturing facility.
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