Neuron Energy has secured INR 200 million in their Pre-Series A Round.
The investment was led by Equanimity Investments and the Rajiv Dadlani Group and also saw participation from Chona Family Office (Havmor Group) and Kayenne Ventures, along with reputed Family Offices and HNI investors.
This funding round marks a major milestone for the promising lithium-ion EV smart battery manufacturer, Neuron Energy, which has been rapidly growing since its inception in 2018.
The Company plans to use the funds primarily to support key initiatives, such as obtaining essential ICAT Certifications and investing in mould development, along with strengthening the workforce by expanding the R&D team and hiring CXO’s and senior management.
Furthermore, the funding will fuel Neuron’s expansion of Li-Ion smart batteries for EV 2W’s and 3W’s while aiding in the brand’s venture into drone batteries.
The Company has a low capex and low opex business model, thereby enjoying high operating leverage, also have been growing profitably YoY and is on track to cross Rs. 100 Crores in Net Sales Revenue this year and is confident to achieve Net Sales of over Rs. 500 Crores, with robust profitability, over the next few years, highlighting the Company’s strong desire, to capture a larger market share and its firm commitment, to achieving significant sales growth in the dynamic and rapidly growing EV industry.
With a focus on producing high-quality smart batteries and offering the highest service standards, Neuron has established itself as a trusted and reliable brand among OEMs.
The Company provides lithium-ion and lead-acid technology smart batteries for E-Bike, E-Rickshaws, and Golf Carts. Neuron Energy has a large export and domestic network, for sales in E-Bike smart batteries.
Their branded products are sold through their extensive pan India network, of multiple Depots and Distributors. Neuron Energy has also increased its export footprint, to the Middle East, Europe, and South-East Asia
Commenting on the Fund raise, Pratik Kamdar, CEO & Co-Founder, 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.”
Rajesh Sehgal, Managing Partner of Equanimity Investments commented “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. Our conviction in the founders’ capabilities and the inherent robustness of the company, makes them well-positioned to contribute towards shaping the future of EVs in India.”
Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group, said “As long-term growth investors, we recognise the enormous opportunity of the EV industry. Neuron Energy demonstrates remarkable potential to become the market leader with their exceptional efficiency in delivering top-quality products. The Company and its Founders are highly committed to delivering rigorously tested and safe-to-use Li-Ion smart batteries, a key factor that has sparked significant investor interest. We are confident that with our guidance, support and long-term approach, Neuron Energy will continue to thrive and set new standards in the industry.”
In addition to the funding, Neuron Energy actively seeks to establish a strategic partnership, with a leading EV two-wheeler manufacturer, to establish a dedicated state of the art facility.
Furthermore, the company has strengthened its expertise by appointing Chandrasekhar for Strategy and Growth and Mr. Subramanian for Technology Development guidance to its advisory board, further reinforcing its capabilities and positioning in the market.
Chandrasekhar Rajagopalan is a seasoned professional who was earlier associated with Essel Group as a President and President of Commercial & CFO of Reliance’s Petrochemical division.
On the other hand, Ramki Subramanian is an experienced Senior Management professional who is the Managing Director and Global Director for Mobility with DowAksa USA LLC.