Neuron Energy Secures Rs 20 Crore in Pre-Series A Funding to Fuel Growth
- ByStartupStory | July 13, 2023
Neuron Energy, an EV smart battery manufacturer, announced today that it has raised Rs 20 crore in its pre-Series A funding round. Equanimity Investments and the Rajiv Dadlani Group led the funding, with participation from investors including Chona Family Office (Havmor Group) and Kayenne Ventures, alongside reputed Family Offices and HNI investors.
The evolving landscape of electric vehicles (EVs) in India presents a significant opportunity, with the country making substantial progress towards an electric future. As battery manufacturing lies at the heart of the energy ecosystem transition, Neuron Energy aims to leverage this opportunity. The company’s founders possess strong capabilities, and the inherent strength of the company positions it well to shape the future of EVs in India.
Rajesh Sehgal, Managing Partner of Equanimity Investments, expressed confidence in Neuron Energy’s potential, stating, “Our conviction in the founders’ capabilities and the company’s inherent robustness makes them well-positioned to contribute towards shaping the future of EVs in India.”
Rajiv Dadlani, representing the family office of the Rajiv Dadlani Group, highlighted the exceptional efficiency of Neuron Energy in delivering top-quality products, which has garnered significant investor interest. He stated, “The company and its founders are highly committed to delivering rigorously tested and safe-to-use Li-Ion smart batteries. With our guidance, support, and long-term approach, Neuron Energy will continue to thrive and set new standards in the industry.”
Neuron Energy will primarily utilize the funding to support key initiatives, including obtaining essential ICAT Certifications, investing in mould development, expanding its R&D team size, and recruiting CXOs and senior management. The company also plans to utilize the funds to fuel its expansion of Li-Ion smart batteries for two- and three-wheeler EVs, as well as venture into drone batteries.
Founded in 2018 by Pratik Kamdar and Raj Shah, Neuron Energy is headquartered in Mumbai and specializes in providing lithium-ion and lead-acid smart batteries for e-bikes, e-rickshaws, and golf carts.
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