Aluminium-air battery developers from India, Log9 materials has raised INR 77 crores or US$9.65 million from Amara Raja Batteries, the second largest automotive battery maker in the country after Exide. This is the second round of investment by 'Amaron' battery makers after the initial fund was raised to boost the Bengaluru-based start-up.
Amara Raja Batteries with the present investment has inherited a 15.4 per cent stake in Log9. The funding opportunities are still wide open for Log9 where the company might welcome other major investors.
Previously, in August 2021 Log9 had accumulated a lumpsum amount of US$8.5 million through the Series A+ investment round led by Amara Raja Batteries and other prevailing players like Exfinity Ventures and Sequoia Capital. To date, the company has collected over US$18 million in investment.
Log9 has been developing aluminium-air batteries for a long time now and claims that it has the capacity to hold power for a longer period of time. The company has discovered RapidX batteries for two and three-wheelers which it advertises as the fastest charging solution available in the Indian market at this moment.
Akash Singhal co-founded Log9 in 2015 and the company has yet not revealed its financial numbers for FY22, though, the company’s stocks were up 25 times to INR 7.5 crore during FY21 from a meagre INR 30 lakhs in FY20. The company’s revenue went down 2.3 times during FY21 to settle at INR 7.61 crore.
Log9 has been engrossed with its research of high-speed charging batteries alongside building a battery cell manufacturing plant for aluminium-air batteries.
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