Manufacturer of batteries for electric vehicles, Neuron Energy, has raised Rs 20 crore ($2.4 million) in a Series A funding round led by the Capri Global Family Office and the Chona Family.
Prior to this, the Mumbai-based company had raised an equivalent sum in a pre-series A round.
According to a press release from Neuron Energy, the new funding will strengthen the company’s capacity for research and development. They plan to establish a state-of-the-art laboratory in Pune and a manufacturing facility in Delhi.
Neuron Energy, founded by Pratk Kamdar in 2018, offers smart batteries with lead-acid and lithium-ion technologies for use in golf carts, rickshaws, and bicycles. The platform supplies batteries to small and medium-sized manufacturers who do not produce their own batteries and works with original equipment manufacturers (OEMs). It states that it collaborates with businesses such as 2.O, Komaki, YC Electric, E-Vishwa, EVTrick, and 3ev.
The development of effective cooling packs, shorter charging times, and longer battery life are the main goals of Neuron Energy’s Pune facility. It is anticipated that the Platform’s Delhi facility will generate 100 MWh of batteries a year, primarily for two-wheelers. The company’s revenue target for the current fiscal year is between Rs 150 and Rs 200 crore.
Amara Raja Energy & Mobility, Altigreen Propulsion Labs, Anchor Electricals, and other noteworthy startups are also in this field.
