Matel raises INR130 crore for motor manufacturing and R&D
UC Impower Fund leads the Series B financing, joined by Catamaran Ventures and Transition VC.
Matel has raised INR130 crore in a Series B round led by UC Impower Fund. Catamaran Ventures joined as a new investor, while existing backer Transition VC also participated, according to the August 3 announcement.
The company plans to expand manufacturing capacity, develop products, strengthen research and development, and add engineering and production staff. International expansion is also part of the programme.
Matel makes motors, controllers and integrated powertrains for vehicle manufacturers and industrial applications. Transaction counsel JSA subsequently confirmed the same round's value and investor group in its August 17 deal notice.
Use of funds
Manufacturing capacity
Research and development
Product development
International expansion