EV Battery Manufacturer Neuron Energy Secures Rs. 200 Million Funding
EV smart battery manufacturer, Neuron Energy has raised Rs. 200 million in their Pre-Series A Round. The investment was led by Equanimity Investments and the Rajiv Dadlani Group and also saw participation from Chona Family Office (Havmor Group) and Kayenne Ventures, alongwith Family Offices and HNI investors.
This funding round marks a major milestone for the lithium-ion EV smart battery manufacturer, Neuron Energy. The Company plans to use the funds primarily to support key initiatives, such as obtaining essential ICAT Certifications and investing in mould development, along with strengthening the workforce by expanding the R&D team and hiring CXOs and senior management. Furthermore, the funding will fuel Neuron’s expansion of Li-Ion smart batteries for EV 2Ws and 3Ws while aiding in the brand’s venture into drone batteries.
The Company has a low capex and low opex business model, thereby enjoying high operating leverage, also have been growing profitably YoY and is on track to cross Rs. 100 crore in Net Sales Revenue this year and is confident to achieve Net Sales of over Rs. 500 crore.
Commenting on the Fund raise, Pratik Kamdar, CEO & Co-Founder of Neuron Energy, said, "The funds raised will not only enhance our manufacturing capabilities but also bolster our workforce across all levels."
In addition to the funding, Neuron Energy actively seeks to establish a strategic partnership, with a leading EV two-wheeler manufacturer, to establish a dedicated state-of-the-art facility.
Neuron Energy provides lithium-ion and lead-acid technology smart batteries for E-Bike, E-Rickshaws, and Golf Carts. The Company has also increased its export footprint, to the Middle East, Europe, and South-East Asia.
