Prior to this funding, Log9 bagged an investment of $11 million in a round led by PRV International Ventures
Bengaluru-based battery tech start-up Log9 has raised $40 million in the Series B funding round led by Amara Raja Batteries Limited and Petronas Ventures. Incred Financial Services Private Limited, Unity Small Finance Bank, Oxyzo Financial Services Private Limited and Western Capital Advisors Private Limited also joined the round. The company raised the capital in a mix of equity and debt. It achieved a $250 million valuation after the investment round.
The company is planning to utilise the capital to increase its product manufacturing. According to an Economic Times (ET) report, it will use Rs 100 crore to boost its battery and cell technologies. It will also offer its services outside the electric vehicle ( EV) sector. Additionally, it wants to expand its business in the overseas market.
Prior to this funding, Log9 bagged an investment of $11 million in a round led by PRV International Ventures, last week. SirusOne Capital, Cornerstone Ventures and multiple other investors also joined.
Talking about the latest development, Akshay Singhal, the chief executive officer ( CEO) of Log9 said, “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.”
“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," he also added.
Addressing the investment, Vikramaditya Gourineni, the executive director of 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 localised, and batteries designed in India for India will pave the way.”