EV battery maker Neuron Energy once again raises Rs 20 crore in funding

Mumbai-based EV battery maker Neuron Energy has once again raised Rs 20 crore in a Series A funding round led by the Chona Family and Capri Global Family Office. 

In July last year, the startup raised Rs 20 crore in a pre-Series A funding round led by Equanimity.

With this fresh capital, Neuron Energy will focus on strengthening its research and development capabilities. Additionally, the startup will establish a state-of-the-art R&D laboratory in Pune.

The laboratory will focus on enhancing battery life, reducing charging duration, and developing efficient cooling systems. 

What does Neuron Energy do?

Founded in 2018 by Pratk Kamdar, Neuron Energy offers lithium-ion and lead-acid technology smart batteries for bikes, rickshaws, and golf carts.

The startup partners with original equipment manufacturers (OEMs) and supplies batteries to small and medium manufacturers.

New production facility in Delhi

Neuron Energy will also set up a 40,000 sq. ft. production facility in Delhi, which is expected to manufacture 100 MWh of batteries annually, specifically for two-wheelers. 

The expansion is aimed at meeting the growing demand for high-performance EV batteries, both domestically and globally. 

Leadership comments

Pratik Kamdar, CEO and Co-Founder of Neuron Energy, said, "We are pleased to secure this Series A funding, which reflects investor confidence in Neuron Energy's profitable business model and growth potential. These investments will drive our innovation efforts in EV battery technology and support our goal of achieving a revenue of Rs 300 crores by FY 25-26. We remain committed to advancing sustainable energy solutions and contributing to India's evolving EV landscape."

"We are thrilled to support Neuron Energy in their mission to revolutionize the electric vehicle battery industry. Their commitment to innovation, sustainability, and excellence aligns perfectly with our values. By investing in Neuron Energy, we are contributing to a future where clean energy solutions are accessible and impactful. We believe in the transformative potential of Neuron Energy's technology and are confident that this partnership will drive significant advancements in the EV sector in India," said Nirali Solani, Director at Chona Family Office.