EV smart battery manufacturer Neuron Energy has raised Rs 200 million in its pre-series A round. The investment was led by Equanimity Investments and the Rajiv Dadlani Group, besides participation from the Chona Family Office (Havmor Group), Kayenne Ventures, 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 CXOs and senior management.
Furthermore, the company claims that 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.
As per the company statement, Neuron Energy has a low capex and low opex business model, thereby enjoying high operating leverage, and has also been growing profitably year on year. The company is on track to cross Rs 100 crore in net sales revenue this year and is confident of achieving net sales of over Rs 500 crore.
Commenting on the fundraise, Pratik Kamdar, CEO and Co-founder, Neuron Energy said, "This fundraise marks a crucial milestone in our company's growth journey. Our esteemed investors bring extensive expertise in scaling businesses and will play a pivotal role in guiding our expansion. 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 also 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.”
Neuron Energy provides lithium-ion and lead-acid technology smart batteries for e-bike, e-rickshaws, and golf carts. Their branded products are sold through their pan-India network of multiple depots and distributors. Neuron Energy has also increased its export footprint, to the Middle East, Europe, and South-East Asia.