EV startup MATTER launches ₹1.93 lakh Aera 5000+ e-bike, eyes IPO

Ahmedabad-based MATTER aims to disrupt the 150-200cc bike segment with its Aera 5000+, backed by global investors and planning a $200 million fundraising and public listing

Electric vehicle startup MATTER, which launched its Aera 5000+ electric motorcycle in Mumbai priced at ₹1.93 lakh, is positioning the product as a direct alternative to internal combustion engine (ICE) motorcycles in the 150–200cc segment.

 

Backed by US-based venture firm Helena, MATTER says its product is designed not to compete with electric vehicles (EVs) but with petrol bikes. Capital 2B, Japan Airlines & Translink Innovation Fund (Canada), SB Invest, and othe₹are investo₹in the startup. MATTER aims to take on ICE rivals like the Yamaha R15 V4 (₹1.85 lakh), TVS Apache RTR 160 (₹1.18 lakh), Bajaj Pulsar NS200 (₹1.45 lakh), and KTM 200 Duke (₹2.06 lakh).

 

The Ahmedabad-based startup was in pilot mode until June 2025 and is now expanding across Maharashtra, Gujarat, Karnataka, Tamil Nadu, Andhra Pradesh, and Kerala. It aims to scale up from seven dealerships currently to 150 dealerships by the end of 2026, with a sales target of 50,000 units next year. The company expects to break even in the next three to five yea₹with a monthly run rate of 20,000–25,000 units.

 

“With our gearbox, liquid cooling, and connected features, Aera is built for ride₹who want performance and convenience without compromise,” said Mohal Lalbhai, founder and chief executive officer, MATTER. “Due to the ease in commuting as well as its features, we’re not competing with other EVs but with petrol motorcycles in the 150–200cc category.” 

 

The Aera 5000+ comes with a 5 kWh battery and a certified range of 172 km, along with a four-speed manual gearbox—which the company claims is a first for an electric motorcycle in India.

 

The company recently closed a $35 million Series B round, bringing its total funding to $75 million. MATTER's post-money valuation now stands at $230 million. It plans to raise an additional $125 million in multiple tranches over the next three to four years, as part of a broader $200 million fundraising plan.

 

“The funds will be used to expand production, deepen research and development, and scale distribution,” Lalbhai said. “We are targeting a public listing in the next three to four yea₹once we hit our revenue and growth milestones.”

 

MATTER has filed over 350 patents, with core components like the battery pack, gearbox, and powertrain developed in-house. Although the current Aera model uses rare-earth magnets, the company is working with a US-based firm on non-rare-earth motor technologies to mitigate future supply risks.

 

“India’s motorcycle market is largely untouched by electrification. As more consume₹get options like Aera, we believe adoption will accelerate much like it did in scooters,” Lalbhai added.