EV smart battery maker Neuron gets Rs 20 crore in pre-Series A round

Neuron Energy, an EV smart battery manufacturer, has raised Rs 20 crore in its pre-Series A round of funding, led by Equanimity Investments and the Rajiv Dadlani Group, the company said on Wednesday, July 12, in a press note. The round also saw participation from investors like Chona Family Office (Havmor Group) and Kayenne Ventures, along with reputed Family Offices and HNI investors.

"The EV landscape in India is evolving and is expected to gain pace in the coming years as India moves towards a well-planned holistic trajectory by making significant progress towards an electric future. This also makes battery manufacturing a huge opportunity, as it is at the heart of the energy ecosystem transition. Our conviction in the founders' capabilities and the inherent robustness of the company make them well-positioned to contribute towards shaping the future of EVs in India," said Rajesh Sehgal, managing partner of Equanimity Investments.

"Neuron Energy demonstrates the remarkable potential to become the market leader with its exceptional efficiency in delivering top-quality products. The company and its founders are highly committed to delivering rigorously tested and safe-to-use Li-Ion smart batteries, a key factor that has sparked significant investor interest. We are confident that with our guidance, support, and long-term approach, Neuron Energy will continue to thrive and set new standards in the industry," said Rajiv Dadlani, from the family office of the Rajiv Dadlani Group.

Neuron will use the funding primarily to support key initiatives like obtaining essential ICAT Certifications and investing in mould development, along with expanding its R&D team size and hiring CXO’s and senior management. The company also plans to use the money to fuel its expansion of Li-Ion smart batteries for two- and three-wheeler EVs while aiding the brand’s venture into drone batteries.

In 2018, Mumbai-headquartered Neuron Energy was started by Pratik Kamdar and Raj Shah, who are also the promoters of the company. The company provides lithium-ion and lead-acid smart batteries for e-bikes, e-rickshaws, and golf carts.

Today, another startup, Adcount Technologies, which is in the supply chain business, also announced its fundraising. The company has raised $2.5 million funding in its Series A round, led by Venture Catalysts and Artesian.