VC Fund Investments
EV battery startup Neuron Energy raises Rs.20-Cr
Mumbai-based EV battery manufacturer Neuron Energy has raised INR 20 crores (about USD 2.3 million) in its Series A funding round from existing investor Chona Family Office and Capri Global. While Chona Family Office invested INR 15 crore in the funding round, Capri Global invested INR 5 crore at a post-money valuation of INR 205 crores.The new funding will be used to enhance its research and development capabilities. It plans to set up an R&D laboratory in Pune, focused on improving battery life, reducing charging time, and developing efficient cooling packs. A part of the funding will also be used to set up a manufacturing unit in Delhi, with a capacity of producing 100 MWh of batteries annually for two-wheelers. The startup currently gets its products through a contract manufacturer. The funds will also be used for working capital and other requirements.Founded in 2018 by Pratik Kamdar and Raj Shah, Neuron Energy offers a range of batteries including lead-acid, advanced lithium-ion, and sodium-ion batteries. The startup had raised INR 20 crores in its pre-Series A round, led by Equanimity Investments and the Rajiv Dadlani Group in May 23.
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