EV battery startup Log9 has raised $40 million in its Series B funding round led by Amara Raja Batteries and PETRONAS Ventures. The funding round was a mix of equity and debt. It also saw participation from other investors including Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services, and Western Capital Advisors.
The company will use fresh funds to expand its battery manufacturing capabilities to 2GWh by the end of 2024. It will also use Rs 100 crore to improve its cell and battery technology and expand beyond EVs to areas like power backup and grid storage.
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Log9 will also look to invest in other companies that are working in charging infrastructure, technology ancillaries, and climate change segments.
“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,” said Founder and CEO Akshay Singhal.
Log9 was founded back in 2015 by Singhal, Kartik Hajela, and Pankaj Sharma. It claims to have filed over 70 patents and has partnered with several EV markers to offer its battery packs for fast charging.
Log9 is backed by CBC Japan, Grip Invest Advisors, Cornerstone Venture Partners, LO Funds, Oxy Capital, and other angel investors.
