Founded in 2018 by Pratik Kamdar and Raj Shah, Neuron offers lead-acid and lithium-ion technology smart batteries
The startup plans to use the freshly raised funds to execute key initiatives including ICAT Certifications and strengthen workforce
The startup plans to cross the INR 100 Cr net sales revenue mark this year
EV smart battery manufacturer Neuron Energy has raised INR 20 Cr in a pre-Series A round led by Equanimity Investments and the Rajiv Dadlani Group. The round also saw participation from Chona Family Office (Havmor Group) and Kayenne Ventures, along with reputed family offices and HNI investors.
Founded in 2018 by Pratik Kamdar and Raj Shah, Neuron Energy offers lead-acid and lithium-ion technology smart batteries for ebike, erickshaws, and golf carts.
The startup plans to use the freshly raised funds to execute key initiatives including ICAT Certifications. It also plans to increase the employee count by expanding its R&D team and hiring CXO’s and senior management positions.
Further, the funding will fuel Neuron’s Li-ion smart battery manufacturing for EV 2Ws and 3Ws and also aid the startup to venture into the drone space.
Commenting on the funding, Kamdar said, “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.”
According to the startup, this round is a major milestone, as it plans to cross the INR 100 Cr net sales revenue mark this year and achieve the target of over INR 500 Cr net sales, with robust profitability, over the next few years.
Additionally, Neuron has expanded its export footprint to the Middle East, Europe, and Southeast Asia, and aims to capture a significant share of the EV battery market in these regions.
Neuron sells its products across India through depots and distributors and claims to have established itself as a trusted and reliable name across the OEMs.
Though questions have been raised on the FAME-II policy, EV startups are steadily rising on the popularity graph.
Recently, Neuron’s competitor Battery Smart raised $33 Mn funding to add 100K customers to its network by 2025, and expand its geographic footprint.
Another battery manufacturer from the US International Battery Company (IBC) reportedly met Karnataka’s Industries Minister MB Patil to discuss setting up a manufacturing plant in the state with an investment of INR 8,000 Cr.