Log9 raises $40 Million In The Series B Funding
Log9 has raised a fresh round of capital worth USD 40 million as a part of its Series B Funding. The start-up witnessed a mix of equity and debt raise led by Amara Raja Batteries and Petronas Ventures and saw participation from other marquee investors such as Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services and Western Capital Advisors. Log9 is also backed by CBC Japan, Grip Invest Advisors, Cornerstone Venture Partners, LO Funds, Oxy Capital and other leading angel investors.
Log9 has been a frontrunner in redefining the traditional paradigms of the Indian EV sector backed by cutting-edge innovation and to which, over 70 patents filed stand as testimony.
Proud of the recent fundraise, Dr. Akshay Singhal, Founder and CEO, Log9 said, “Log9 has always been invested in providing its customers with the most sophisticated and efficient batteries, based on both LTO and LFP lithium-ion technologies. 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 ₹100cr will be invested towards advancements in cell and battery technology stacks. As a battery technology pioneer, we foresee these investments to cement our position as a leader in the commercial EV space and to expand into stationary battery sectors such as power backup and grid storage. We will also be aggressively pursuing pilots in overseas markets over the next few quarters, with a particular focus on the tropical belt”.
The development comes at a time when the Indian EV sector is at an inflection point. With the demand for electric vehicles increasing, so are the challenges of battery safety, range anxiety, charging infrastructure and so on. The time is also ripe considering some of the leading domestic and global brands touting electric vehicles as a promising enabler for them to meet their sustainability goals.
Vikramaditya Gourineni, Executive Director, Amara Raja Batteries said “Log9’s progress in the field is significant in meeting India’s growing aspirations in the Energy and Mobility space. Battery manufacturing is the most critical part of the value chain that needs to be localized, and batteries designed in India for India will pave the way.”
With a keen eye on empowering the Indian EV sector, Log9 has been invested in nurturing the talent pool across the country and towards which has taken measures to bridge the gap between the industry and the academia. With a firm belief that the answer to India’s self-reliance in energy and technology lies in indigenising the EV sector, Log9 has led the cause by designing batteries ground up and fuelling this vision further is its efforts to nurture talent across the engineering colleges in India.
To catalyse the Indian EV Sector, Log9 also envisions investing a part of the raised funds into budding start-ups and organizations that are solving challenges related to charging infrastructure, technology ancillaries and companies fighting climate change at large.
