Other Private Equity/Strategic Investments
EV-battery platform Log9 raises $9.65 M from Amara Raja Batteries
Bengaluru-based electric vehicle-focused advanced battery platform Log9 Materials has raised USD 9.65 million from publicly listed Amara Raja Batteries. This is the second round led by Tirupati-based batteries manufacturer in Log9 in the past year. Log9 would allot 33,916 Series B compulsory convertible preference shares (CCPS) to Amara Raja Batteries at an issue price of INR 22,703 each to raise INR 77 crore or USD 9.65 million. The company has been valued at around INR 1,700 crore or $213 million (post allotment). Log9 Materials may mop up more capital in the Series B round. Amara Raja Batteries now holds 15.4% in Log9. Founded in 2015, Log9 Materials manufactures RapidX batteries for three and two-wheelers. The company has raised over USD 18 million in total till now. In August last year, it raised an USD 8.5 million Series A+ round led by Amara Raja Batteries and existing backers Exfinity Ventures and Sequoia Capital's Surge. Its losses jumped 2.3X to INR 7.61 crore in FY21.
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