Electric vehicle-focused advanced battery platform Log9 Materials has raised over $11 million in what appears to be an extended Series B round led by PTV International Ventures. SiriusOne Capital, Cornerstone Ventures, and several others also participated in the fresh infusion.
The second tranche of the Series B round follows the Rs 77 crore ($9.4 million approximately) fundraise from Amara Raja Batteries in September 2022. Entrackr had exclusively reported about this fundraise.
The board at Log9 Materials has passed a special resolution to issue 44,194 Series B compulsory convertible preference shares (CCPS) and 440 partly paid CCPS at an issue price of Rs 22,703 each and Rs 100 per share respectively to raise Rs 91.26 crore or $11.4 million, as per its regulatory filing with the RoC.
PTV International Ventures has spearheaded the round with Rs 83.33 crore followed by SiriusOne Capital and Cornerstone Ventures, which infused Rs 2.9 crore and Rs 2.04 crore, respectively. Kube Opportunities’ LO Fund also joined the round with Rs 1.83 crore while the remaining sum came from Anicut Capital, IITMS Rural Technology and Business Incubator, and others.
As per Fintrackr’s estimates, the company has been valued at around Rs 1,786 crore or $223 million (post allotment). Log9 Materials has raised around $30 million to date, including a Series A+ round of $8.5 million in August 2021.
Log9 Materials manufactures RapidX batteries for three and two-wheelers which it claims to be the fastest charging solution in the ecosystem. It also partners with businesses to create an electric vehicle charging infrastructure ecosystem across the country.
On the back of electric vehicle adoption in the past two years, Log9 managed to scale at a rapid clip in the last fiscal year. Its operating revenue surged 3.3X to Rs 24.7 crore in FY22 as compared to Rs 7.5 crore in the previous fiscal year. Meanwhile, the company’s losses widened two folds to Rs 16.1 crore in the fiscal year ending March 2022.