Electric vehicle focused advanced battery platform Log9 Materials has raised $9.65 million from Amara Raja Batteries. This is the second round led by Tirupati-based batteries manufacturer in Log9 in the past year.
The board at Log9 Materials has passed a special resolution to allot 33,916 Series B compulsory convertible preference shares (CCPS) to Amara Raja Batteries at an issue price of Rs 22,703 each to raise Rs 77 crore or $9.65 million.
As per Fintrackr’s estimates, the company has been valued at around Rs 1,700 crore or $213 million (post allotment). The Series B round appears to be an open one and Log9 Materials may mop up more capital.
With this round, Amara Raja Batteries now holds a 15.4% stake in Log9, cementing its role as a strategic investor.
Log9 Materials manufactures RapidX batteries for three and two wheelers which the company claims to be the fastest charging solution in the ecosystem. It also partners businesses to create an electric vehicle charging infrastructure ecosystem across the country.
In August last year, it raised a $8.5 million Series A+ round led by Amara Raja Batteries and existing backers Exfinity Ventures and Sequoia Capital’s Surge. As of now, the company has raised over $18 million.
Founded in 2015, Log9 Materials is yet to disclose its financial numbers for FY22, however, the company’s scale shot up 25X to Rs 7.5 crore during FY21 from Rs 30 lakh in FY20, according to its annual financial statement with the Registrar of Companies (RoC). Meanwhile, its losses jumped 2.3X to Rs 7.61 crore in FY21.
With the increasing adoption of electric vehicles (especially two and three wheelers), battery manufacturers and charging infra startups have been drawing significant interest from venture capitalists and strategic investors.
In June this year, EV battery swapping network Battery Smart raised a $25 million Series A round led by Tiger Global while Pune-based goEgoNetwork cornered $8 million in Series A. Early this year, Ahmedabad-based EV battery manufacturer Matter also raised $10 million led by Capital 2B which is backed by Infoedge, Climate Angels Fund and others.
