Amara Raja Batteries, Others Invest $40 M In Startup Log9

Leadership Team

Log9, an advanced deep-tech battery startup has raised a fresh round of capital worth $40 million as a part of its Series B Funding. The startup witnessed a mix of equity and debt raise led by Amara Raja Batteries and Petronas Ventures and saw participation from other marquee investors such as Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services and Western Capital Advisors Log9 is also backed by CBC Japan, Grip Invest Advisors Private, Cornerstone Venture Partners, LO Funds, Oxy Capital and other leading angel investors.

Log9, founded in 2015 by Dr Akshay Singhal, Kartik Hajela and Pankaj Sharma, is the only Indian company today that holds in-house competencies ranging from electrode materials to cell fabrication to battery packs, Log9’s range of batteries promises to charge 9x faster, last 9x longer and offer 9x higher performance and safety.

Commenting on the recent fundraise of the fundraise, Dr Akshay Singhal, Founder and CEO, Log9 said, “ The recent round of investments will allow us to grow our battery manufacturing capabilities to a 2 GWH capacity by the end of 2024 and commission India’s first fully integrated Lithium Ion Cell production line. Furthermore, over Rs 100 crore will be invested towards advancements in cell and battery technology stacks. As a battery technology pioneer, we foresee these investments to cement our position as a leader in the commercial EV space and to expand into stationary battery sectors such as power backup and grid storage. We will also be aggressively pursuing pilots in overseas markets over the next few quarters, with a particular focus on the tropical belt”.

The development comes at a time when the Indian EV sector is at an inflection point. With the demand for electric vehicles increasing, so are the challenges of battery safety, range anxiety, charging infrastructure and so on. The time is also ripe considering some of the leading domestic and global brands touting for electric vehicles as a promising enabler for them to meet their sustainability goals.

Vikramaditya Gourineni, Executive Director, Amara Raja Batteries said “Log9’s progress in the field is significant in meeting India’s growing aspirations in the Energy and Mobility space. Battery manufacturing is the most critical part of the value chain that needs to be localized, and batteries designed in India for India will pave the way.”

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