Electric vehicle-focused advanced battery platform Log9 Materials has raised $40 million as a part of its Series B funding in a mix of equity and debt led by Amara Raja Batteries and Petronas Ventures. Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services and Western Capital Advisors also participated in the round.
The Bengaluru-based firm already received $20 million in two tranches in January (2023) and September (2022).
“The recent round of investments will allow us to grow our battery manufacturing capabilities to a 2 GWH capacity by the end of 2024 and commission India’s first fully integrated Lithium Ion Cell production line. Furthermore, over Rs 100 crore will be invested towards advancements in cell and battery technology stacks,” Akshay Singhal, Founder and CEO, Log9.
The firm will also focus on commercial EV space and to expand into stationary battery sectors such as power backup and grid storage and eyeing pilots in overseas markets over the next few quarters.
Log9 Materials manufactures RapidX batteries for three and two-wheelers which it claims to be the fastest charging solution in the ecosystem. It also partners with businesses to create an electric vehicle charging infrastructure ecosystem across the country.
As per estimates, the company has been valued at around $230-240 million. It has raised $50 million in funding to date.
In an earlier statement, Singhal said that the company sees battery leasing (rapid charging) emerging as a more promising space than battery swapping.
On the back of electric vehicle adoption, Log9’s operating revenue surged 3.3X to Rs 24.7 crore in FY22 as compared to Rs 7.5 crore in the previous fiscal year. Meanwhile, its losses also widened twofold to Rs 16.1 crore in the fiscal year ending March 2022.
Besides Log9, Battery Smart, Lohum, Nexus Battery, Log 9 Materials, Chargeup, Inverted and Yulu are also providing battery solutions for the EV industry.
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