VC Fund Investments
Battery-tech startup Log 9 raises $8.5 M; Amara Raja picks up 11.4% stake for Rs.37-Cr
Hyderabad-based, publicly-listed Amara Raja Batteries is to invest about INR 36.99 crore to acquire an 11.36% stake in Bengaluru-based Log 9 Materials Scientific Pvt Ltd, a battery-tech startup. Log 9 has raised a total of USD 8.5 million in the ongoing USD 10-12 million Series A+ round that included existing investors including Exfinity Ventures and Sequoia Capital India's Surge Programme, alongside a clutch of new investors. Angels who participated in this funding round include Rajesh Yabaji and Chanakya Hridaya, Co-Founders of logistics industry Unicorn Blackbuck; Rajesh Ramaiah, Partner, Premji Invest; Desikan Sundarajan, MD, Equinor and Faiz Mayalakkara, Director Investments, Emirates Investment Authority. AC Ventures (SEA Frontier Fund LLP) is also among the new investors in the company. The new funds will be utilized to expand the production capacity and business development efforts of Log 9's rapid charging battery technology, which has already completed successful pilots and is due for commercial roll-out in October 2021. These funds will also be used to advance the startup's supercapacitor and aluminum fuel cell based innovations. The company, which plans to set up local cell manufacturing for these technologies under the niche category of the ACC PLI Scheme in the coming years, posted a turnover of INR 7.4 crore in FY21.
From the Venture Intelligence PE-VC Deal Database: Between May-17 and Oct-19, Log 9 had raised over $4-M from Exfinity Fund, Sequoia Capital India, GEM Partners and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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