As part of its Series B Funding, Log9 obtained a $40 Mn new round of funding. Amara Raja Batteries Ltd. and Petronas Ventures, as well as other notable investors like Incred Financial Services Private Ltd., Unity Small Finance Bank, Oxyzo Financial Services Private Ltd., and Western Capital Advisors Private Ltd., participated in a mix of equity and debt financing for the start-up.
A brief about an electric vehicle battery startup based in Bengaluru, Log9 raises 40 million dollars in investment:
CBC Japan, Grip Invest Advisors Private Ltd., Cornerstone Venture Partners, LO Funds, Oxy Capital, and other notable angel investors are also supporting Log9.
The most recent round of funding will enable us to launch India’s first fully integrated Lithium Ion Cell production line and expand our battery manufacturing capabilities to a 2 GWH capacity by the end of 2024. Additionally, approximately 100 crore rupees will be spent on improving cell and battery technology stacks. Over the coming quarters, we will also actively pursue pilots in other markets, with a concentration on the tropical belt, according to founder and CEO Dr. Akshay Singhal.
“Log9’s approach to the future of energy continues to excite us and firmly matches with the investment priorities of PETRONAS Ventures,” said Arni Laily, Head of PETRONAS Ventures. The expansion of PETRONAS in the new energy and green transportation sectors will be further aided by this agreement.
A portion of the cash received will also be invested by Log9 in emerging start-ups and groups tackling problems with charging infrastructure, supporting businesses, and organizations combating global warming.