MATTER gears up for mobility transformation with AERA this festive; secures first tranche of $35 Mn in the ongoing funding round (Series B)

MATTER Group, an innovative EV tech and energy storage firm committed to propelling India towards energy independence, announced today that it had secured a first tranche of $35 million in the current investment round. The round is led by Helena, a US-based global problem-solving organization, which invested through its venture capital arm. Other notable investors in this round include, Capital 2B, Japan Airlines & Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest), other Institutional investors and Family Offices. This global collaboration between forward-thinking partners marks a significant milestone in the pursuit of a mobility transformation that is solving environmental challenges through technological innovation.


Accentuating MATTER’s agile approach towards innovation in electric vehicles, the funding by prominent, impact-oriented institutions validates MATTER’s continued commitment to its two-pronged approach – empowering mobility and fostering a cleaner future. The capital will accelerate MATTER’s efforts to scale manufacturing, supply chain, marketing and retail to meet the growing demand for sustainable, high-performance mobility solutions.

Commenting on the occasion, Mr. Mohal Lalbhai, Founder & CEO of MATTER Group, said, “We at MATTER welcome Helena and notable investors – including Capital 2B, Japan Airlines & Translink Innovation fund, SB Invest, other Institutional investors and family offices – with much excitement on this fascinating journey. We are dedicated to creating accessible, reliable, and high-performance products driven by our innovative technology. Leading this complex mobility transformation are over 600+ MATTER innovators, who keep riders at the forefront of our efforts. With MATTER electric motorbikes, we are ready to embrace a new reality and rewrite the rules of mobility by transforming the world’s largest two-wheeler market.”

Mr. Suprotik Basu, Managing Partner of Helena, added, “We believe it is an inevitability that transportation in this market will electrify, and India is the most exciting place in the world for that transition to materialize. The question is which team will be nimble, innovative and hardworking enough to seize this moment of transition. The MATTER team has impressed us immensely with their approach towards value driven, high performance technology products. It has been wonderful to see the initial positive consumer traction, and strong progress from the company thus far. We are excited to deeply partner with MATTER to reshape the electric vehicle landscape for India and for other emerging markets to address our shared global climate challenges.

Mr. Vibhore Sharma, Partner Capital 2B added, “We are thrilled to be a part of the growth trajectory of MATTER Group and their vision of empowering mobility through breakthrough technology, prioritizing performance, reliability, safety, and security as core principles. The team at MATTER has successfully developed a unique blend of great performance and best value that is poised to transform the entire two-wheeler industry with their electric motorbikes.”

“The Japan Airlines & Translink Innovation Fund is dedicated to fostering sustainable and innovative businesses through pioneering use of cutting-edge technologies and business collaborations in mobility, digital, ESG-related, and other fields. We are pleased to collaborate with MATTER to explore the potential of MaaS (Mobility-as-a-Service) by adding electric motorcycles and energy storage technology to JAL’s new challenge through our investment in MATTER Group,” said Takao Suzuki /Executive Officer, Senior Vice President – Innovation at Japan Airlines.

Sheikh Mohammed Saad Bahwan, MD at SB Invest and Director of OTE Group said, “At SB Invest, we believe in supporting transformative technologies that have the potential to make a global impact. MATTER Group’s vision and technological prowess makes them a standout player in the energy domain. We are proud to be part of their journey towards energy independence. Our commitment to empowering every individual through efficient mobility gets a clear direction through this association.”

As a vertically integrated company, MATTER has meticulously developed its in-house, hyper-scalable technology stack, leveraging the power of data, software and machine intelligence to create India’s first 4-speed Hyper-shift geared electric motorbike, AERA. The proprietary 5 KWh liquid-cooled battery and powertrain offer great performance and longevity. The product empowers riders to charge anywhere by delivering over 125 kms range per charge, with a 5-amp onboard charging system. The Internet-enabled navigation, music, calls, and a 7″ touchscreen provide a new experience at the user’s fingertips. It’s truly creating a future that is beautiful and cleaner. MATTER secured 40,000 pre-bookings for its electric motorbike AERA, which is set to commence deliveries this festive season. MATTER’s consumer front is led by more than 100 dealer partners who will be creating a first-of-its-kind retail experience. reinforced by the most innovative suppliers. This partner ecosystem is enthusiastic and geared up to create a better future for the planet and people.

MATTER is revolutionizing mobility in India by offering innovative alternatives to traditional two-wheelers, which currently consume 62% of the country’s petrol and contribute significantly to environmental pollution through tailpipe emissions. MATTER’s advanced tech stack is poised to drive a fundamental shift in transportation, catalyzing a cleaner, more sustainable global future that begins in India.


MATTER is a technology start-up guided by its vision to be the most dynamic company driving India to a sustainable future. Since its inception in January 2019 in Ahmedabad, MATTER has invested extensively in technology development, adopting an “Innovate in India” approach to its development of futuristic electric vehicle platforms and energy storage systems. MATTER launched its first geared electric motorbike AERA for the Indian market which will soon hit the road. The 600+ innovators at MATTER take pride in the in-house developed tech stack and innovations that power their range of mobility and energy storage products, MATTER is committed to creating empowering mobility driving cleaner future.

About Helena

Helena is a global problem-solving organization that seeks to implement solutions to critical societal challenges through nonprofit, for-profit, and legislative actions. Helena operates its projects alongside a small group of leaders called Helena Members. They include Nobel Laureates, Academy Award winners, technologists, entrepreneurs, explorers, and more. Helena supports mission-driven for-profit efforts through its investment arm, Helena Special Investments (HSI). Its portfolio includes innovations in grid-scale energy storage (Energy Vault); AI controls to dramatically reduce energy consumption in industrial processes and data centers (Phaidra); and Digital Twin technology enabling chronic metabolic disease reversals (Twin Health), among others. HSI is led by Managing Partners, Henry Elkus, Sam Feinberg and Suprotik Basu.

Helena’s nonprofit projects have included America in One Room, which garnered the attention of The New York Times and President Barack Obama; Biosecurity in the Age of AI, which focuses on risks emerging at the intersection of AI and biotechnology; and The COVID Project, which supplied tens of millions of units of personal protective equipment to frontline responders during the COVID-19 pandemic.

About Capital 2B

Capital2B is a fund focused on investing in tech and IP-led businesses, backed by stellar LPs like Info Edge and Temasek. The fund invests in early stage and growing startups that are rooted in science and technology.

About Japan Airlines & Translink Innovation Fund

Japan Airlines & Translink Innovation Fund is a strategic fund with a structure of Translink Capital as a GP and Japan Airlines as an LP. Its objective is to drive innovation in the airline business.

Japan Airlines (JAL), Japan’s first private aviation company, was established in 1951 and is a member of the oneworld® Alliance. The airline operates a fleet of 227 aircraft (as of March 2024) and began renewing its international long-haul aircraft with the Airbus A350-1000 starting 2023 Winter Schedule. Together with other JAL Group and partner airlines, JAL offers an extensive domestic and international network that serves 384 airports across 64 countries/regions. The airline has received numerous accolades for its exceptional service, including being recognized as a certified 5-Star Airline by Skytrax and being awarded the prestigious “World Class” Airline title by APEX, the Airline Passenger Experience Association. The airline is dedicated to ensuring the highest standards of flight safety and overall service quality, striving to be the most preferred airline by customers worldwide.

Translink Capital invests mainly in early-stage startups across the globe that enable disruptive technologies and business models. Those startups can go through accelerated growth by benefiting from the firm’s long-standing relationships with leading global technology, Internet, electronics, telecommunications, financial services and mobility corporations based in Greater China, Japan, South Korea and Southeast Asia.

SB Invest, Investment arm of Chairman of OTE Group

Founded in 1991, OTE Group started as a small one-franchise enterprise. Today, it has an extensive and diverse business portfolio that incorporates illustrious and popular automotive brands; auto ancillaries; electronics and home appliances; leasing and finance; polymer color concentrates for the plastic industry and vocational training institutes for development of local talent. The Group is the exclusive distributor for global automotive brands such as Cadillac, Chevrolet, Hyundai, Isuzu, Subaru, and GWM. Other coveted brands under its umbrella are LG Electronics, Bosch, Hisense TV, AC & commercial AC, Pearl chest freezers, Prolux water coolers & gas cookers, Pirelli, Hankook, Exide and Shell and Caltex. However, the company derives its strength from its multicultural staff; their combined experience and diverse knowledge has formed an indomitable force taking the Group to new heights.