Indian deeptech startup Log9 has raised $40 million. The funds will be used to increase Log9’s manufacturing capabilities, with plans to grow its battery manufacturing to a 2 GWh capacity by the end of 2024 and commission an integrated lithium-ion cell production line.
According to Akshay Singhal, CEO and founder of Log9, “The recent round of investments will allow us to grow our battery manufacturing capabilities to a 2 gigawatt hour (GWh) capacity by the end of 2024 and commission an integrated lithium-ion cell production line.”
The company, which was founded in 2015 and currently manufactures electric vehicle batteries under the brand name RapidX and provides electric battery charging solutions under the brand name ZappUp, has filed more than 70 patents.
The Indian government is pushing for cleaner mobility options and has set targets for EV sales penetration, expecting 30% of private vehicles, 70% of commercial vehicles, and 80% of two/three-wheelers to be electric by 2030.
Log9 plans to use the funding to cement its position in the commercial EV space and expand into stationary battery sectors such as power backup and grid storage.
Log9 aims to dominate stationary battery sectors
Singhal said, “We foresee these investments to cement our position in the commercial electric vehicle space and to expand into stationary battery sectors such as power backup and grid storage.” The Bengaluru-based company is now looking to expand its presence globally and will start pursuing pilots in overseas markets over the next few quarters, with a particular focus on the tropical belt.
This funding round comes at a time when the Indian electric mobility sector is at an inflection point, as demand for EVs increases but hurdles such as battery safety, range, and charging infrastructure remain.
Vikramaditya Gourineni, Executive Director of Amara Raja Batteries, said, “Battery manufacturing is the most critical part of the value chain that needs to be localized and batteries designed in India will pave the way.”
This round of funding brings Log9’s total funding to close to $50 million. Other investors in the company include CBC Japan, Grip Invest Advisors, Cornerstone Venture Partners, LO Funds, and Oxy Capital.
The Series B funding round was led by Amara Raja Batteries and Petronas Ventures, with participation from Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services, and Western Capital Advisors.