On June 24, Electric vehicle startup Matter said it had raised $10 million (nearly Rs 80 crore) from investors in its latest funding round, including technology fund Capital 2B backed by Infoedge and Climate Angels Fund.

The company said in a statement that the new investor now joins the founders and existing investors, including Baring Private Equity Partners.

It added that the new funding would be used for continued technological innovation, manufacturing and marketing. This includes launching a range of electric vehicles and energy storage products designed and innovated in new ways for India and the world. It also intends to launch its first electric motorcycle later this year.

Rahul Bhasin, the managing partner of Baring Private Equity Partners India, said Matter creates products that will have a positive impact on people and the planet.