Neuron Energy, an EV smart battery manufacturer has successfully raised Rs 200 million in their 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 reputed Family Offices and HNI investors.
The Company 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.
According to the company, it is on track to cross Rs. 100 crores in net sales revenue this year and is confident to achieve net sales of over Rs. 500 crore.
Pratik Kamdar, CEO & Co-Founder, Neuron Energy said, “The funds raised will not only enhance our manufacturing capabilities but also bolster our workforce across all levels.”
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.”
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.