EV Smart Battery Manufacturer Neuron Energy Secures INR 200 Mn Funding

EV Smart Battery Manufacturer Neuron Energy Secures INR 200 Mn Funding

EV smart battery manufacturer Neuron Energy has successfully raised INR 200 million in its Pre-Series A Round. The investment was led by Equanimity Investments and the Rajiv Dadlani Group and also saw participation from Chona Family Office (Havmor Group) and Kayenne Ventures, along with family offices and HNI investors.

Neuron Energy says that this funding round marks a major milestone for the lithium-ion EV smart battery manufacturer. The firm 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 CXO’s and senior management. Furthermore, the funding will fuel Neuron’s expansion of Li-Ion smart batteries for EV 2W’s and 3W’s while aiding in the brand’s venture into drone batteries.

Commenting on the Fund raise, Pratik Kamdar, CEO & Co-Founder, 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 commented, “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 firm 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.”

The firm adds that it has a low capex and low opex business model, thereby enjoying high operating leverage. Further, it has been growing profitably YoY and is on track to cross INR 100 Crores in net sales revenue this year and is confident to achieve net sales of over INR 500 Crores, with robust profitability, over the next few years.

The firm, which provides lithium-ion and lead-acid technology smart batteries for E-bike, E-rickshaws, and golf carts, has a large export and domestic network, for sales in E-bike smart batteries. Neuron Energy has also increased its export footprint, to the Middle East, Europe, and South-East Asia.

In addition to the funding, Neuron Energy actively seeks to establish a strategic partnership, with a leading EV two-wheeler manufacturer, to establish a dedicated state of the art facility. Last year, Neuron Energy and EVTRIC Motors forged a partnership for battery solutions.