Neuron Energy, a leading electric vehicle (EV) smart battery manufacturer, has secured INR 200 million in their Pre-Series A funding round. The investment, led by Equanimity Investments and the Rajiv Dadlani Group, marks a significant milestone for the company. Neuron Energy, which specializes in lithium-ion EV smart batteries, has experienced rapid growth since its establishment in 2018.
The funding will primarily be used to support key initiatives, such as obtaining essential ICAT certifications, investing in mould development, and expanding the research and development (R&D) team. Neuron Energy also plans to strengthen its workforce by hiring CXOs, senior management, and expanding its R&D team. Furthermore, the funding will enable Neuron Energy to expand its production of Li-Ion smart batteries for EV 2W’s and 3W’s, as well as venture into the drone battery market.
With a low capex and low opex business model, Neuron Energy has been growing profitably year on year. The company is on track to achieve over Rs. 100 Crores in net sales revenue this year and aims to surpass Rs. 500 Crores in the coming years. This highlights Neuron Energy’s strong commitment to capturing a larger market share and achieving significant sales growth in the dynamic and rapidly growing EV industry.
Neuron Energy has established itself as a trusted and reliable brand among OEMs, providing lithium-ion and lead-acid technology smart batteries for E-Bikes, E-Rickshaws, and Golf Carts. The company has a large domestic and export network, with branded products sold through multiple depots and distributors across India. Neuron Energy has also expanded its export footprint to the Middle East, Europe, and South-East Asia.
Pratik Kamdar, CEO & Co-Founder of Neuron Energy, expressed his excitement about the fundraise, stating that it marks a crucial milestone in the company’s growth journey. Kamdar acknowledged the extensive expertise of the investors and their role in guiding the company’s expansion. The funds raised will not only enhance manufacturing capabilities but also bolster the workforce across all levels. Kamdar reaffirmed Neuron Energy’s commitment to serving a broader customer base with rigorously tested lithium-Ion smart battery packs.
Rajesh Sehgal, Managing Partner of Equanimity Investments, highlighted the evolving EV landscape in India and the significant opportunity it presents for battery manufacturing. He expressed confidence in Neuron Energy’s founders and the robustness of the company, positioning them well to contribute to the future of EVs in India.
Rajiv Dadlani, representing the Rajiv Dadlani Group, recognized Neuron Energy’s potential to become a market leader. He commended the company’s efficiency in delivering top-quality products and emphasized their commitment to rigorously tested and safe-to-use Li-Ion smart batteries. Dadlani expressed confidence that with guidance, support, and a long-term approach, Neuron Energy will continue to thrive and set new standards in the industry.
In addition to the funding, Neuron Energy aims to establish a strategic partnership with a leading EV two-wheeler manufacturer, which would allow for the establishment of a dedicated state-of-the-art facility. The company has also strengthened its expertise by appointing seasoned professionals to its advisory board, including Chandrasekhar Rajagopalan, who brings experience from Essel Group and Reliance’s Petrochemical division, and Ramki Subramanian, the Managing Director and Global Director for Mobility with DowAksa USA LLC.
Neuron Energy’s successful funding round positions the company for accelerated growth in the EV battery market. With a focus on delivering high-quality smart batteries and offering exceptional service standards, Neuron Energy is poised to shape the future of EVs in India and beyond.
