Electric mobility startup Matter reported a revenue of Rs 5.90 crore in FY24, a significant increase from Rs 38.49 lakh in FY23. However, the company’s net loss widened to Rs 73.06 crore in FY24, compared to Rs 35.44 crore in FY23, as expenses surged to Rs 78.97 crore from Rs 35.82 crore in the previous fiscal year.
Founded in 2019 and headquartered in Ahmedabad, Matter is an innovation-driven startup creating futuristic electric vehicle platforms and energy storage solutions. The company has invested heavily in research and development, launching proprietary technologies like MatterEnergy 1.0, an active liquid-cooled two-wheeler EV battery addressing thermal management challenges in electric two-wheelers. Matter follows a vertical integration model to ensure safety, performance, and reliability in its solutions.
Employee benefits accounted for 28.96% of expenses in FY24, down from 34.25% in FY23, highlighting improved cost optimization. Advertisement costs formed 20.93% of FY24 expenses, a reduction from 23.17% in FY23. Depreciation expenses also decreased to 5.39% of FY24 expenses, compared to 7.01% in FY23. Finance costs, however, surged to 8.11% in FY24 from 0.94% in FY23, reflecting increased funding activities. The cost of materials rose to 9.6% of FY24 expenses from 3.32% in FY23, indicating growing production activities.
The company ended FY24 with a negative EBITDA margin of -1056.66% and a ROCE of -33.12%, showing a need for operational efficiency and revenue growth to achieve profitability.
Matter has raised a total of Rs 642.16 crore across five funding rounds, with the latest Series D round concluded in July 2024. Its key shareholders include Mohal Rajivbhai Lalbhai (28.71%), Arun Pratap Singh (6.69%), Telikepalli Kumar Prasad (3.01%), and institutional investors like Pure Capital (2.42%) and Japan Airlines & Translink Innovation (1.45%). An ESOP pool accounts for 7.32% of the ownership.
Co-founded by Mohal Lalbhai, Arun Pratap Singh, and Kumar Prasad Telikepalli, Matter is on a mission to drive India toward a sustainable future with cutting-edge electric mobility and energy storage solutions.