Indian battery startup Log9 gets recharged with $40m funding

Indian battery startup Log9 gets recharged with $40m funding

Founders of Log9 Materials: Pankaj Sharma, Akshay Singhal, Kartik Hajela

Indian deep-tech battery startup Log9 on Monday said it has raised $40 million in a mix of equity and debt in a Series B funding round led by Amara Raja Batteries and Petronas Ventures.

Incred Financial Services Private, Unity Small Finance Bank, Oxyzo Financial Services, and Western Capital Advisors also participated in the round.

Founded in 2015 by Akshay Singhal, Kartik Hajela, and Pankaj Sharma, Log9 claims to have a range of batteries that promises to charge 9x faster, last 9x longer, and offer 9x higher performance and safety.

“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,” Singhal said.

“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,” he added.

As per Fintrackr’s estimates, the company has been valued at around $230-240 million.

Mass EV adoption, however, faces a huge challenge in the area of battery-charging technology and infrastructure. While automakers and auto part makers have tried to address this concern by making swapping batteries and building charging stations, it still takes hours to charge an EV.

Apart from Log9, other firms such as BatterySmart, Exponent Energy, and Matter have also been making batteries that aim to reduce the time taken to charge an EV.

Edited by: Joymitra Rai

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter

You have 3 free stories remaining for the month. Register to continue reading our content