EV Components Manufacturer Matel Raises ₹130 Cr To Accelerate R&D

EV components manufacturer Matel Motion & Energy Solutions has raised ₹130 Cr ($13.6 Mn) in Series B funding round led by early-growth stage VC fund UC Impower, with participation from Catamaran and existing backer Transition VC. The Pune-based cleantech startup said the fresh capital would be deployed to expand manufacturing capacity, advance R&D, and accelerate product development. It also planned to scale hiring across engineering and production functions.