Advanced battery platform Log9 Materials, which focuses on electric vehicles, has secured $40 million as part of a Series B fundraising round headed by Amara Raja Batteries and Petronas Ventures. Western Capital Advisors, Oxyzo Financial Services, Incred Financial Services, and Unity Small Finance Bank also took part in the round.
Twenty million dollars were previously given to the Bengaluru-based company in two installments in January 2023 and September (2022) as per reports.
“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 company will also concentrate on the commercial EV market and grow into stationary battery applications like grid storage and power backup during the upcoming several quarters.
RapidX batteries, which Log9 Materials makes for two- and three-wheelers, are marketed as the ecosystem’s quickest charging technology. Additionally, it collaborates with companies to develop an ecosystem of electric car charging infrastructure around the nation.
The firm has a worth of between $230 and 240 million, according to Fintrackr’s calculations. To date, $50 million in financing has been raised for it.
Due to the increased use of electric vehicles, Log9’s operational revenue increased 3.3X to Rs 24.7 crore in FY22 from Rs 7.5 crore the year prior. In the meantime, its losses doubled to Rs 16.1 crore in the fiscal year that ended in March 2022.
