What Matter does

Matter Motor Works is an Ahmedabad-based electric mobility company founded in 2019 that designs, manufactures, and sells electric motorcycles and related energy storage technologies. Its flagship product, the Matter AERA, is positioned as India's first liquid-cooled electric motorcycle with a 4-speed manual gearbox and a 5 kWh battery, offering a top speed of 124 km/h, 0–60 km/h in 4.2 seconds, and a claimed range of up to 182 km per charge. The company sells directly to individual motorcycle consumers through a company-owned and franchised dealership network, with units priced between Rs 1.81 lakh and Rs 1.93 lakh ex-showroom.

The company's technology foundation rests on a vertically integrated stack that includes proprietary MatterEnergy 1.0 (energy storage), Matter Drive 1.0 (drivetrain), and the AI-Defined Vehicle (AIDV) platform built on a single-chip centralized electronic architecture that combines on-vehicle processing with cloud-based intelligence. The AIDV platform is intended to enable continuous post-sale software updates, adaptive energy management, and data-driven product improvement, opening a recurring software-services revenue layer on top of hardware sales. Matter has also partnered with Niron Magnetics to develop rare-earth-free Iron Nitride Variable Flux Motor technology and with Iontra to integrate real-time battery intelligence software.

Commercially, Matter began shipping the AERA in July 2025 from its Ahmedabad manufacturing facility (annual capacity ~120,000 units) and reached approximately 1,000 units shipped by early 2026, operating across 15 cities through 20+ dealerships. Management has guided to a steep ramp of 20,000 units in 2026, 90,000 in 2027, and 150,000–180,000 by 2028, alongside a distribution buildout to 500 dealerships, 125 touchpoints across 60 cities, and exports to Africa, Eastern Europe, and South America by 2027. The company has raised nearly $100 million since inception and is pursuing a $50 million Series C at a ~$300 million post-money valuation.

Name

Matter

Legal name

Matter Motor Works

Website

https://matter.in

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Matter Motor Works is an Ahmedabad-based electric mobility company that designs and sells the Matter AERA electric motorcycle in India via a direct dealership network, built on proprietary AIDV AI-Defined Vehicle software, MatterEnergy, and Matter Drive powertrain technologies.

Ownership category

akta.pro rank

Product category

Electric Motorcycles

NAICS

Motorcycle, Bicycle, and Parts Manufacturing (336991)

SIC

Motorcycles, Bicycles & Parts (3751)

akta.pro primary industry

Electric Motorcycles & Electric Scooters Manufacturing (IMACAEAB)

akta.pro secondary industries

Automotive Batteries & 12V/Low-Voltage Energy Storage Manufacturing (IMACAJAJ), Automotive Electric Motors & Actuators Manufacturing (EPS/Brake-by-wire/Seat/Window) (IMACAJAL), Automotive Infotainment, Telematics & Connectivity Hardware Manufacturing (TCU/V2X/GNSS) (IMACAJAH)

Keywords

• Electric motorcycles
• Electric mobility
• Energy storage systems
• AI vehicle platform
• EV powertrain technology

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales, Personnel, Operations

Revenue model

1. Electric Vehicle Sales: Primary revenue from selling electric motorcycles directly to consumers through dealership network. Matter Aera and related models sold at ex-showroom prices ranging from Rs 1.81 lakh to Rs 1.93 lakh.
2. Post-Sale Software Services: Software-defined vehicles generate post-sale revenue through digital services and software updates, leveraging the AI-Defined Vehicle platform for continuous customer engagement.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Matter designs, manufactures, and sells electric motorcycles — led by the Matter AERA, India's first liquid-cooled electric motorcycle with a 4-speed manual gearbox and 5 kWh battery. The company also develops proprietary electric mobility technologies including the AI-Defined Vehicle (AIDV) platform, MatterEnergy 1.0 energy storage, and Matter Drive 1.0 drivetrain, and sells finished motorcycles to individual consumers through its own dealership network in India.

Product overview

Matter is an Ahmedabad-based electric mobility startup that manufactures electric motorcycles and develops proprietary EV technologies. The core product is the Matter AERA - India's first liquid-cooled electric motorcycle featuring a 4-speed manual gearbox and 5 kWh battery with top speed of 124 km/h and 182 km range. The company operates the AIDV (AI-Defined Vehicle) platform as its technology foundation, enabling vehicles to learn and adapt over time. Supporting proprietary technologies include MatterEnergy 1.0 (energy systems), Matter Drive 1.0 (powertrains with liquid-cooled systems), and AIDVI intelligence platform. The company has also partnered with Niron Magnetics to develop rare-earth-free Variable Flux Motor technology for its electric motorcycles.

Differentiator

Problem solved

Functional benefit

Products and services

• Matter AERA Electric Motorcycle India's first liquid-cooled electric motorcycle with a 4-speed manual gearbox and 5 kWh battery, sold to individual consumers through Matter's own dealership network. AERA variants include the 5000 (Rs 1.81 lakh ex-showroom) and 5000+ (Rs 1.93 lakh ex-showroom).
• MatterEnergy 1.0 Matter's proprietary energy storage technology developed for electric vehicles and energy storage applications, integrated into the Matter AERA motorcycle.
• Matter Drive 1.0 Matter's proprietary drivetrain technology for electric mobility, featuring a liquid-cooled HyperShift geared architecture that improves torque delivery and efficiency in the Matter AERA motorcycle.
• Rare-Earth-Free Variable Flux Motor Electric motor technology developed with Niron Magnetics that uses Iron Nitride rare-earth-free magnets and a Variable Flux Motor architecture to improve torque, efficiency, acceleration and range while reducing dependence on Chinese rare-earth supply.

Quantifiable outcome

• Top speed 124 km/h, 0-60 km/h in 4.2 seconds, 182 km range per journey
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability6 records

Feature8 records

Partnerships

Four partnerships are on record, tiered minor and core.

• CII (Confederation of Indian Industry)minorOthers · 25 May 2026Matter joined Ather Energy, Euler Motors, River Mobility, Ultraviolette, and Raptee in petitioning the Prime Minister's Office through CII, urging revision of auto PLI scheme eligibility criteria that exclude them from the ₹25,938 crore scheme despite being active electric two- and three-wheeler manufacturers.
• Iontra InccoreTechnology or Integration · 21 March 2026Partnership to integrate Iontra's real-time battery intelligence software into Matter's AI-Defined Vehicle platform for electric mobility applications. Technology enables active battery health management, adaptive charging, and thermal stress control to extend battery life and improve reliability without hardware redesign.
• SRK TechtronicscoreStrategic or Co-development Partner · 25 January 2026Co-presented at CES 2026 demonstrating collaborative model for scaling future technologies through AI-enabled manufacturing. SRK Techtronics showcased Industry 5.0-backed manufacturing ecosystem with Matter's mobility platforms as reference implementation. Partnership aims to establish blueprint for translating advanced technology into globally deployable production-ready hardware across mobility, energy, aerospace, defence, and industrial sectors.
• Niron MagneticscoreTechnology or Integration · 7 January 2026Strategic collaboration to integrate Niron's Iron Nitride rare-earth-free magnet technology and Variable Flux Motor designs into Matter's high-performance electric motorbike platforms. First prototype unveiled at CES 2026. Partnership addresses EV industry dependence on rare earth elements while improving torque delivery, efficiency, acceleration, and riding range.

Scale indicators11 records

Expansion highlights8 records

Direct peers

• Ather Energy: Bengaluru-based electric two-wheeler manufacturer selling premium electric scooters in India with proprietary battery and connected-vehicle platform. Direct competitor to Matter in the Indian EV two-wheeler market and a co-petitioner in the PLI scheme advocacy, making it the closest structural comparable.
• Ultraviolette Automotive: Bengaluru-based manufacturer of high-performance electric motorcycles (F77) targeting Indian performance riders. Directly competes with Matter AERA on the geared, high-performance electric motorcycle segment and shares the same PLI-exclusion disadvantage.
• Revolt Motors: Indian electric motorcycle manufacturer focused on commuter and performance e-motorcycles with AI-enabled features and connected services. Closely comparable to Matter on product category, customer base, and software-defined vehicle strategy.
• Ola Electric: India's largest electric two-wheeler company (scooters, with electric motorcycles in development), publicly listed with significant manufacturing capacity and pan-India distribution. Direct competitive overlap on the Indian EV two-wheeler market and the connected-vehicle roadmap.
• Hero Electric: Long-standing Indian electric two-wheeler manufacturer with the largest installed base of electric scooters in India. Direct competitor in the Indian EV two-wheeler market, with a separate brand identity from Hero Motocorp (the incumbent Matter successfully sued over the AERA trademark).
• Zero Motorcycles: US-based premium electric motorcycle manufacturer with proprietary powertrain and battery technology. Closely comparable to Matter on product positioning (high-performance geared electric motorcycles), technology architecture, and software-enabled features.

Emerging players

• River Mobility: Bengaluru-based EV two-wheeler startup (River Indie) targeting the Indian mass-market segment. Co-petitioner with Matter on PLI scheme inclusion, making it a directly relevant emerging competitor in the same regulatory and market context.
• Tork Motors: Indian electric motorcycle startup (Tork Kratos / Kratos R) focused on the performance commuter segment in India. Comparable emerging competitor targeting a similar rider demographic and value proposition as Matter AERA.

Broad incumbents

• Bajaj Auto: One of India's largest two-wheeler manufacturers, now expanding aggressively into electric motorcycles (Chetak Electric, electric motorcycle platform). As a major PLI-scheme beneficiary with deep distribution, Bajaj is the dominant incumbent against whom Matter must compete on scale and dealer reach.
• TVS Motor Company: Indian two-wheeler major with iQube electric scooters and an expanding EV roadmap. Competes with Matter across the Indian two-wheeler market and benefits from PLI scheme access that Matter lacks, giving it a structural cost and capital advantage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/matter_india
• Facebookfacebook.com/MatterIndiaOfficial
• LinkedInlinkedin.com/company/matterindia

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds5 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Matter