EV Battery Maker Neuron Energy Raises INR 31 Cr in Pre Series B Round The investment was co-led by Equanimity Ventures, the Rajiv Dadlani Group, the Thackersay Family Office and the Chona Family Office.
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EV battery manufacturer Neuron Energy has secured INR 31 crore in a pre Series B funding round. The investment was co-led by Equanimity Ventures, the Rajiv Dadlani Group, the Thackersay Family Office and the Chona Family Office. Several other family offices and high net worth individuals also participated in the round.
The Mumbai-based company had earlier raised INR 20 crore in a Series A round in August last year. With the latest infusion, Neuron Energy has collected a total of INR 80 crore so far.
According to the company, the new funds will support an expansion of its manufacturing capacity to 3 GWh. Neuron Energy also plans to set up a fully automated facility designed for electric four wheelers and buses. In addition, the capital will help the firm strengthen R&D work, speed up domestic growth and broaden its presence in global markets.
Neuron Energy was founded in 2018 by Pratk Kamdar. The firm produces batteries for electric vehicles and offers a variety of mobility solutions powered by advanced lithium ion technology. It is also working on next generation sodium ion based systems. The company says it is focused on quality and sustainability as it aims to contribute to the growth of clean mobility in India.
The firm has created smart battery management systems and other innovation driven products. Its upcoming facility is expected to reinforce its position in the electric two wheeler segment. Neuron Energy also plans to move into heavier vehicle categories.
The company works with a low capital expenditure and low operating expenditure model. It reports consistent year on year growth and expects to reach INR 200 crore in revenue this year. Over the next few years, it aims to exceed INR 900 crore in sales.
Other emerging players in this sector include Amara Raja Energy and Mobility, Altigreen Propulsion Labs and Anchor Electricals.
