India, Aug. 3 -- EV components manufacturer Matel Motion & Energy Solutions has raised Rs.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.

As per cofounder Netai Patro, the capital will also allow the startup to expand its product range and entry into the electric commercial vehicles (CVs) segment as well as broadening its international footprint to acquire new customers worldwide.

Founded in 2017 ...