The enterprise intends to deploy the fresh capital to expand its manufacturing footprint, advance internal research and development capabilities, scale engineering and production teams, and broaden its entry into the commercial electric vehicle market. Founded in 2017 by Chief Executive Officer Sunil Patel and Chief Marketing Officer Netaji Patro, the company manufactures customisable motors, motor controllers, and integrated powertrains for automotive and industrial clients. Its current portfolio includes permanent magnet synchronous motor-based IE5 industrial motors and magnet-free motor technology designed to reduce supply chain dependencies.

Matel is currently in series production supplying original equipment manufacturers across two-wheeler, three-wheeler, and industrial sectors. The funding round also marks the addition of Catamaran, the venture investment firm managing the assets of Infosys founder Narayana Murthy, to the company's cap table as it prepares to target overseas markets.