As for the meaning of the name, well, Matru here is nothing but the character of Imran Khan, while Anushka Sharma is called Bijlee in the movie. Pankaj Kapur, who plays Bijlee's father, is called Mandola in the movie. So basically the title of the movie is nothing but the names of the characters of the movie.
We don't yet know if this too has a deep meaning like 7 Khoon Maaf, but yeah in general Matru (मटरू) means mother (though Imran plays the guy here), Bijlee of course is lightening/ electricity and mandola has a little confusion as in Hindi mondola isn't an exact word. It can be a mandal (मंडल), meaning a circle/disc/globe/group, or man-dola which translates to heart dwindled, making it mean 'the heart of Matru's Bijlee dwindled' i.e. she fell for someone, let's say for Matru only.
Or it may be something else or maybe something with no meaning at all though I feel there is less chance of the last.
For more Lyrics, Translations, Meanings from Matru ki Bijlee ka Mandola, CLICK HERE.