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 •
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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.
