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Neuron Energy
EV smart battery manufacturer Neuron Energy has raised Rs 20 crore in a Pre-Series A funding round led by Equanimity Investments and the Rajiv Dadlani Group.
The round also saw participation from Chona Family Office (Havmor Group) and Kayenne Ventures, along with reputed Family Offices and HNI investors.
The startup plans to use the funds primarily to support key initiatives, such as obtaining essential ICAT Certifications and investing in mould development, along with strengthening the workforce by expanding the R&D team and hiring CXOs and senior management.
Additionally, It will also focus on expanding its Li-Ion smart batteries for EV 2W’s and 3W’s.
Neuron Energy claims to have grown profitably YoY and is on track to cross Rs 100 crore in net sales revenue this year and is aiming to achieve net sales of over Rs 500 crore.
The startup provides lithium-ion and lead-acid technology smart batteries for E-Bike, E-Rickshaws, and Golf Carts. Neuron Energy has a large export and domestic network for sales in E-Bike smart batteries.
Neuron Energy said it sells products through an extensive pan-India network and has increased its export footprint to the Middle East, Europe, and South-East Asia.
Pratik Kamdar, CEO & Co-Founder of Neuron Energy, said, "This fundraise marks a crucial milestone in our company's growth journey. Our esteemed investors bring extensive expertise in scaling businesses and will play a pivotal role in guiding our expansion. The funds raised will not only enhance our manufacturing capabilities but also bolster our workforce across all levels. Neuron Energy is committed to serving a broader customer base with top-of-the-line, rigorously tested lithium-Ion smart battery packs, and this funding will undoubtedly propel us towards achieving that goal."
Rajesh Sehgal, Managing Partner of Equanimity Investments, said“The EV landscape in India is evolving and is expected to gain pace in the coming years, as India moves towards a well-planned holistic trajectory by making significant progress towards an electric future. This also makes battery manufacturing a huge opportunity, as it is at the heart of the energy ecosystem transition. Our conviction in the founders' capabilities and the inherent robustness of the company, makes them well-positioned to contribute towards shaping the future of EVs in India.”
Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group, said "As long-term growth investors, we recognise the enormous opportunity of the EV industry. Neuron Energy demonstrates remarkable potential to become the market leader with their exceptional efficiency in delivering top-quality products. The Company and its Founders are highly committed to delivering rigorously tested and safe-to-use Li-Ion smart batteries, a key factor that has sparked significant investor interest. We are confident that with our guidance, support and long-term approach, Neuron Energy will continue to thrive and set new standards in the industry."
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