Neuron Energy secures Rs 20 crore in Series A funding
These funds will be used for the company's research and development capabilities, including the establishment of an R&D laboratory in Pune.
Neuron Energy, an electric vehicle battery manufacturing firm, has raised Rs 20 crore in its Series A funding, which saw significant contributions from the Chona Family and Capri Global Family Office.
These funds will be used for the company's research and development capabilities, including the establishment of an R&D laboratory in Pune. This facility will focus on enhancing battery life, reducing charging duration, and developing efficient cooling packs. Additionally, the investment will accelerate the company’s manufacturing capacity by setting up a new 40,000 sq. ft. production facility in Delhi, which is expected to produce 100 MWh of batteries annually, specifically for two-wheelers.
This expansion aims to meet the growing demand for high-performance EV batteries both domestically and globally, as Neuron Energy aims to clock Rs 150-200 crore in revenue in the current fiscal year, the press release noted.
Pratik Kamdar, CEO and Co-founder of Neuron Energy said, "These investments will drive our innovation efforts in EV battery technology and support our goal of achieving a revenue of Rs 300 crore by FY 25-26."
Nirali Solani, Director Chona Family Office, "Neuron commitment to innovation, sustainability, and excellence aligns perfectly with our values. By investing in Neuron Energy, we are contributing to a future where clean energy solutions are accessible and impactful."
RELATED ARTICLES
Wheels India Infuses Capital into New European Subsidiary
Chennai-based firm invests €50,000 to set up WIL Europe GmbH, aims to expand operations in the region.
Mahindra Logistics Approves Rights Issue to Raise Up to ₹750 Crore
Company aims to strengthen its capital base, enhance scalability, and support future growth through repayment of borrowi...
VinFast Partners with 13 Dealer Groups to Launch 32 Dealerships Across 27 Indian Cities, Aims for 35 by End of 2025
Automaker targets 35 outlets by end-2025 as it prepares for VF 6 and VF 7 pre-bookings on July 15, backed by retail netw...