Why we invested in
MATEL.

The electric motors and controllers market is at the heart of the ongoing energy transition, particularly with the global shift towards electric vehicles (EVs). In India alone, the motors and controllers segment is projected to reach USD 6 billion by 2030, reflecting the enormous growth potential in just a single country. However, the opportunities for Matel extend well beyond the EV segment.Motors and controllers are crucial in various other industries such as HVAC, where motors drive key components like pumps, which are essential for climate control systems.

Additionally, these components are integral to medical devices and testing machines, ensuring precise operation in healthcare settings. The defense sector also relies heavily on motors in various applications, including aviation, ground vehicles, and other critical equipment. Matel’s all-in-one powertrain solutions uniquely position the company to capture a significant share across these diverse and expanding industries, offering tailored solutions that meet the specific needs of each sector.

The electric motor and controller industry is characterized by fragmentation, with only a few companies offering a fully integrated solution. Many large manufacturers specialize in either motors or controllers, while other mechanical components are often sourced from different vendors. This fragmented approach can lead to inefficiencies and compatibility issues, which can ultimately affect the performance and reliability of the final product. Matel sets itself apart by designing, developing, and manufacturing the entire drivetrain—from the battery to the wheel— including the motor controller, motor, gearbox, differential, and axle. This comprehensive approach provides several significant advantages. By controlling the entire process, Matel can ensure superior performance and enhanced reliability, as components are optimized to work seamlessly together. The integrated system allows for better and faster motor tuning, which enhances overall efficiency and robustness. Furthermore, OEMs prefer to work with a single supplier for these critical components, as it simplifies supply chain management, reduces complexity, and minimizes the number of vendors they must coordinate with. This preference gives Matel a competitive edge, as they can offer a complete, turnkey solution that meets the needs of vehicle manufacturers while also improving their margins.

Matel’s technology has been thoroughly tested, with over 100,000 drive systems deployed for solar pumps and industrial use. Their proprietary Permanent Magnet Synchronous Motor (PMSM) designs, known for high efficiency and stability, are paired with sine wave controllers for smooth, reliable operation. With motors ranging from 1KW to 50KW, Matel is well-positioned to capture a significant share of the EV market, including electric four-wheelers.

The leadership team—veterans from top companies like Bajaj, Ola, Maruti, Crompton, and Siemens—brings deep expertise in both rapid prototyping and mass production, ensuring Matel stays ahead in the industry.