Neuron Energy Raises $2.4 Mn In Pre-series A Funding
Neuron Energy, an EV smart battery maker, has raised $2.4 million (Rs 20 crore) in a pre-Series A funding round co-led by Equanimity Investments and Rajiv Dadlani Group. Chona family office (Havmor Group) and Kayenne Ventures, along with undisclosed family offices and high-net-worth individuals, also participated in the funding round.
As per the startup, the freshly raised funds will be used to obtain essential international center for automation technology (ICAT) certifications and for research and development and hiring talent.
The raised funds will also help the startup in its expansion of li-Ion smart batteries for EV 2W’s and 3W’s while aiding in the brand’s venture into drone batteries.
Neuron Energy | EV Smart Battery Maker
Founded by Pratik Kamdar and Raj Shah in 2020, Neuron Energy is a Mumbai-based EV smart battery maker that provides lithium-ion and lead-acid technology smart batteries for e-Bike, e-rickshaw, and golf carts.
The Mumbai-based startup has also increased its export footprint to the Middle East, Europe and Southeast Asia.
Speaking about the development, Pratik Kamdar, CEO & Co-Founder of 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. Neuron Energy is committed to serving a broader customer base with top-of-the-line. rigorously tested lithium-Ion smart battery packs, and this funding will undoubtedly propel us towards achieving that goal.”
Neuron Energy claims to have a low capex and low opex business model, thereby enjoying high operating leverage and has also been growing profitably year on year. It 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 development, Rajesh Sehgal, Managing Partner of Equanimity Investments, said,
“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.”
Recently, Battery Smart, a Delhi-based battery-swapping startup, raised $33 million (Rs 272 crore) in a pre-Series B funding round to expand its geographical presence and customer base by one lakh by 2025.
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