Growth Sense Gets SEBI Approval for Rs 1,000 Crore Apex Fund and Launches India Foundation
August 26, 2026
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- Thu, 27 August 2026
Electric motor and powertrain manufacturer Matel has secured Rs 130 crore in a Series B funding round led by UC Impower. Catamaran joined the round as a new investor, while existing investor Transition VC also participated. The company plans to use the capital to expand manufacturing, strengthen research and development, accelerate product development, and grow its engineering and production teams.
As electric mobility continues to grow, demand for efficient motors and advanced powertrains is increasing across passenger vehicles, commercial vehicles, and industrial applications. Companies building these core technologies are becoming an important part of the broader EV ecosystem.
Founded in 2017 and based in Pune, Matel designs and manufactures energy efficient motors, motor controllers, and integrated powertrains for automotive and industrial applications. Its products are used in electric vehicles, pumping equipment, and cooling systems. The company also develops advanced magnet free motor technology and high efficiency industrial motors.
The new funding will support the expansion of manufacturing facilities, stronger research capabilities, faster product development, and recruitment across engineering and production functions. Matel also plans to expand its product portfolio, enter the electric commercial vehicle segment, and grow its international presence.
Matel was founded by Sunil Patel and Netaji Patro, both of whom bring extensive experience from leading automotive companies. Sunil Patel previously led the Chetak electric vehicle development program at Bajaj Auto, while Netaji Patro held research and development leadership roles at Maruti Suzuki and Bajaj Auto.
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