Neuron Energy bags Rs 20 Cr in Series-A round

Electric vehicle batteries manufacturer Neuron Energy has secured Rs 20 crore ($2.4 million) in Series A funding round co-led by Chona Family and Capri Global Family Office.

The Mumbai-based company had previously raised the same amount in pre-series A round.

The fresh funds will boost its research and development capabilities, including the establishment of a cutting-edge R&D laboratory in Pune and setting up a manufacturing facility in Delhi, Neuron Energy said in a press release.

Launched in 2018 by Pratk Kamdar, Neuron Energy provides lithium-ion and lead-acid technology smart batteries for bikes, rickshaws, and golf carts. The platform works with original equipment manufacturers (OEMs) and supplies batteries to small and medium manufacturers who don’t make their own batteries. It claims to work with companies including Komaki, YC electric, E-Vishwa, EVTrick, 3ev, & 2.O.

Also Read: EV battery maker Neuron Energy targets Rs 120 Cr revenue in FY24

According to Neuron Energy, its Pune facility will focus on enhancing battery life, reducing charging duration, and developing efficient cooling packs. The Platform’s Delhi set-up is expected to produce 100 MWh of batteries annually, specifically for two-wheelers. The company aims to clock Rs 150-200 crore in revenue in the current fiscal year

Other notable startups in this space are Amara Raja Energy & Mobility, Altigreen Propulsion Labs, Anchor Electricals, and others.