Matel has raised ₹130 crore, around $15 million, in a Series B led by UC Impower, with Catamaran as a new investor and Transition VC following on from the 2024 Series A.
The capital goes towards manufacturing capacity, R&D, hiring and international expansion. Valuation and dilution were not disclosed.
Registry-sourced reporting puts FY25 revenue at ₹50.6 crore, against a company target set in 2024 of exceeding ₹100 crore in annual sales the following year.
A third co-founder named in 2024 coverage no longer appears on the board or in the current announcement, and no departure has been made public.
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