Log9 Materials Raises Fresh Funding Led By Amara Raja Batteries

Log9 Materials Raises Fresh Funding Led By Amara Raja Batteries

Electric vehicle focused advanced battery platform Log9 Materials has raised $9.65 million (Rs 77 crores) from Amara Raja Batteries. This is the second round led by Tirupati-based batteries manufacturer in Log9 in the past year.

With this round, Amara Raja Batteries now holds a 15.4% stake in Log9. The funding round appears to be still open, so more investors might be announced soon. 

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. 

The company had also been developing an Aluminium Air battery as a long storage solution.

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.

Particulars FY21 FY20 Change Change
Operating Revenue 7.50 0.30 2400.0% 25.X
Total Expenses 16.14 3.92 311.7% 4.1X
P/L for the year -7.61 -3.26 133.4% 2.3X

Log9 has been building on its initial research into batteries and charging, with a diversification into battery cell manufacturing too.

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