Log9 Materials Startup Funding News - EV focused advanced battery platform
As the world moves towards adopting more eco-friendly alternatives, the electric vehicle industry is picking up speed. Thanks to advancing technology, several companies are emerging as go-to options for electric vehicle solutions. One of the leading lights in this industry is Log9 Materials, which recently closed an extended Series B fundraising round spearheaded by PTV International Ventures, raising over $11 million in the process.
Log9 Materials is known for its advanced battery platform which focuses on electric vehicles. In September 2022, the company raised Rs 77 crore ($9.4 million approximately) in a round led by Amara Raja Batteries which was exclusively reported by Entrackr. The bulk of the funds raised in the recent Series B round came from PTV International Ventures through the issuance of 44,194 Series B compulsory convertible preference shares (CCPS), along with 440 partly paid CCPS at an issue price of Rs 22,703 and Rs 100 per share respectively.
SiriusOne Capital, Cornerstone Ventures and other investors also contributed to the fresh infusion. To raise the total sum of Rs 91.26 crore or $11.4 million, Kube Opportunities’ LO Fund, Anicut Capital and IITMS Rural Technology and Business Incubator pitched in. The fresh fundraise has reportedly valued the company at Rs 1,786 crore or $223 million post-allocation. Log9 Materials has raised around $30 million to date, including a Series A+ round of $8.5 million in August 2021.
Log9 Materials is on a mission to make the future of electric vehicles and energy storage simpler, reliable and accessible to all. Its RapidX batteries are the fastest charging solutions in the industry tailored for three and two-wheelers. The company has also set out to create electric vehicle charging infrastructure ecosystems across the country.
In the last fiscal year, Log9 Materials has scaled rapidly, recording a 3.3x increase in its operating revenue. While the company’s losses widened two-fold to Rs 16.1 crore in FY22, this is expected to be negated by the immense growth opportunities in the electric vehicle industry in the coming years.
Wrapping Up
It’s no surprise, then, that investors are interested in being part of the Log9 Materials story. The company’s successes are a testament to the electric vehicle industry’s immense potential, and with the backing of its venture capitalists and investors, Log9 Materials is all set to become an essential part of the world’s green revolution.
Your one-stop destination for the latest startup news in India - Entrackr
Entrackr is the ultimate news platform for start-ups and entrepreneurs focusing on the main areas like new business startups, investments, and funding. Entrackr tracks relevant news from the whole country and curates stories from a variety of sources, including leading newspapers, tech media, influencers, and more.
If a new business startup is launching in India, the platform makes sure that its readers have timely access to the most relevant and accurate news. Entrackr also covers upcoming startups in India, startup funding news and investments news, giving readers quick access to the latest startup news related to their interests.
