Startup Atlas · Automotive

Matter Motor Works

Matter Motor Works Private Limited Ahmedabad, Gujarat Founded 2019 matter.in ↗
Mohal Lalbhai · Founder & Group CEO Arun Pratap Singh Kumar Prasad Telikepalli Saran Babu
$45 MnTotal funding (tracked)
2Funding rounds
3 Jul 2024Last round

Matter Motor Works: Business Model Canvas

The nine-block Business Model Canvas, filled in only where a public source states it — empty blocks mean we haven't found a citable fact yet, not that the answer is zero.

Value Propositions

India's first geared electric motorcycle

AERA is positioned as India's first geared electric motorbike, offering a manual gearbox on an electric platform.

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Proprietary radial-flux drivetrain

In-house Matter Drive 1.0 motor architecture for torque delivery.

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Gearbox for rider control familiar to motorcyclists

Gearbox included because riders switching from petrol motorcycles want manual control, not scooter-like riding.

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Customer Segments

Utilities & grid operators (Matter Energy)

Stationary energy-storage (BESS) customers on the energy-storage side of the business.

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Customer Relationships

24/7 roadside assistance + omnichannel support24/7 roadside assistance

Matter runs a dedicated support hub (MATTER Support/MATTER Care) with FAQs, an owner's manual and interactive how-to videos, plus a toll-free 24/7 roadside assistance helpline for AERA owners.

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Lifetime battery warranty with tiered health guaranteeUp to 15 yrs / unlimited km

The AERA's battery is covered by a lifetime warranty running up to 15 years or unlimited km, with a minimum State-of-Health guarantee that steps down from 80% to 70% as the vehicle ages; the rest of the vehicle carries a standard 3-year/45,000 km warranty.

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Warranty tied to always-on vehicle connectivity

Matter requires the vehicle's basic connectivity to stay active for the whole warranty period so it can sync data for monitoring and warranty validation; letting connectivity lapse can void a claim.

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Flexible ownership: pay-per-km battery plan (PaaS) and BNPLRs 1.16/km battery usage

Matter's '22nd Century Smart Ownership Plans,' launched for Diwali 2025, let customers buy the AERA 5000+ at a lower upfront price and pay per kilometre for battery use, or pay part of the cost upfront with the rest via flexible EMIs (BNPL).

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Channels

Own dealership/retail network20 dealerships (pilot)

Physical dealerships for retail sale of AERA motorcycles, expanding from a pilot base.

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Planned dealership scale-up

Stated plan to scale the dealer network to 150 dealerships in 2026, 300 in 2027, 500 by 2028.

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Battery-swap stations (Matter Energy)

Swap ME! battery-swapping docks for two/three-wheeler EV batteries.

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Key Activities

In-house development of five proprietary EV tech stacks307 patents filed

Matter designs and builds its core technology in-house across five stacks: MATTER Drive (propulsion), MATTER Energy (battery storage & management), MATTER Entel (vehicle electronics), MATTER Link (software/connectivity platform) and MATTER X (customer experience layer).

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Dedicated R&D with roughly 300 engineers~300 engineers

Matter operates its own R&D facility that took the AERA from a working prototype to a purpose-built production motorcycle, with around 300 engineers involved in iterative development.

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In-house cell manufacturing and vehicle production

Matter invested in its own cell manufacturing and battery-chemistry development, then launched a state-of-the-art manufacturing facility in 2025 to bring the AERA to full-scale production.

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Development of an AI-Defined Vehicle (AI-DV) platform

At Technology Day 3.0, Matter unveiled an 'AI-Defined Vehicle' platform meant to embed adaptive, predictive intelligence into vehicle systems, governing power delivery, battery health and thermal management.

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Key Resources

In-house IP portfolio

Patents, industrial designs and trademarks covering the drivetrain and charging technology.

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Engineering team

Team drawn from premier institutions with deep EV/energy-tech experience.

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Energy-storage manufacturing capacity (Matter Energy)200 MWh, scalable to 2GWh

Installed BESS manufacturing capacity, scalable further.

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Key Partnerships

Charging network partnership with Bolt.Earth100,000+ charging points / 1,800+ cities

Matter partnered with Bolt.Earth, India's largest EV charging network, connecting AERA riders to 100,000+ charging points across 1,800+ cities via the MatterVerse app, with co-branded chargers being installed at Matter dealerships and service centers.

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Retail partnership with FlipkartDiscounts up to Rs 50,000

Matter partnered with Flipkart to sell the AERA through Flipkart's Big Billion Days festive sale, with discounts up to Rs 50,000.

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Revenue Streams

Sale of AERA electric motorcyclesRs 1.83-1.93 lakh ex-showroom

Direct retail sale of the geared electric motorcycle through dealerships.

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Sale of stationary energy-storage systems (Matter Energy)

Containerized BESS units and battery products sold to utilities/grid customers.

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Cost Structure

~$100M invested to date building the EV ecosystem~$100 million to date

Founder & Group CEO Mohal Lalbhai said Matter has invested close to $100 million overall to build its manufacturing, R&D and product ecosystem to date (as of January 2026).

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Further $100M (~Rs 915 crore) capex planned over 3 years$100M / ~Rs 915 crore over 3 yrs

Matter plans to invest a further roughly $100 million (about Rs 915 crore) over the next three years to fund its four-motorcycle-plus-scooter product rollout.

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Second manufacturing facility cost folded into 3-year capex1.2 lakh units/yr existing capacity

Beyond its existing Ahmedabad plant (rated at 1.2 lakh units/year), Matter will build a second manufacturing facility, with that cost included within the $100 million three-year investment plan.

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FAQs on Matter Motor Works

What is Matter Motor Works's business model?

Matter Motor Works's core value proposition centers on India's first geared electric motorcycle, Proprietary radial-flux drivetrain, Gearbox for rider control familiar to motorcyclists.

How does Matter Motor Works make money?

Matter Motor Works's cited revenue streams include Sale of AERA electric motorcycles, Sale of stationary energy-storage systems (Matter Energy).

Sources & corrections. Every fact on this page is compiled from cited public sources — follow the "source" links beside each entry. Profile sources: inc42.com www.autocarpro.in · Last verified 9 Sep 2026. · Report a correction