Log9 Raises $40 Million In Series B Funding The fund raised will be utilized to grow the 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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

Log9, an advanced deep-tech battery start-up has raised a fresh round of capital worth $40 million as a part of its Series B Funding. The startup witnessed a mix of equity and debt raise led by Amara Raja Batteries Ltd. and Petronas Ventures and saw participation from other marquee investors such as Incred Financial Services Private Ltd., Unity Small Finance Bank, Oxyzo Financial Services Private Ltd. and Western Capital Advisors Private Ltd. Log9 is also backed by CBC Japan, Grip Invest Advisors Private Ltd., Cornerstone Venture Partners, LO Funds, Oxy Capital and other leading angel investors. The fund raised will be utilized to grow the 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.

"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. Over INR 100 crore 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," said Akshay Singhal, founder and CEO, Log9

As the only Indian company today that holds in-house competencies ranging from electrode materials to cell fabrication to battery packs, Log9's range of batteries promises to charge 9 times faster, last 9 times longer and offer 9 times higher performance and safety. 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, claimed by the company in a statement.

"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," said Vikramaditya Gourineni, executive director, Amara Raja Batteries Ltd.

Founded in 2015 by Dr. Akshay Singhal, Kartik Hajela and Pankaj Sharma, Log9 has been a frontrunner in redefining the traditional paradigms of the Indian EV sector backed by cutting-edge innovation.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

News and Trends

Mahaveer Finance India Secures INR 200 Cr in Series C Led by Elevation Capital

The fresh capital will be deployed to strengthen Mahaveer's presence in South India, bolster its proprietary tech infrastructure, and serve a broader base of underserved customers who often rely on informal moneylenders.

News and Trends

India's True Solar Potential Soars to 10,830 GW: Report

A new report has recalibrated the country's theoretical solar capacity at 10,830 gigawatts (GW), nearly 15 times higher than the earlier 748 GW projection made in 2014 by the Ministry of New and Renewable Energy (MNRE)

Science & Technology

Turn Your Professional Expertise into a Book—You Don't Even Have to Write It Yourself

All you need is Youbooks AI to generate publish-ready non-fiction manuscripts of your ideas.

Business Ideas

91 Service Business Ideas to Start Today

Get started in this growing industry, with options that range from IT consulting to childcare.

News and Trends

illumine and Seven Raise Early-Stage Funding

The below brands have announced their latest funding rounds.