Deeptech battery startup Log9 raised $40 million funding in Series B led by Amara Raja Batteries Ltd. and Petronas Ventures where Incred Financial Services Private Ltd, Unity Small Finance Bank, Oxyzo Financial Services, and Western Capital Advisors also participated.
Log 9 makes batteries for electric vehicles (EVs) and energy storage systems. According to the startup, its batteries are suitable for Indian and other developing markets. According to CEO Singhal, Log9 will use the new funds to increase its battery manufacturing capacity to 2 GWH by the end of 2024 and to commission a fully-integrated lithium ion cell production line. Furthermore, it will invest INR 100 Cr in cell and battery technology stack advancements.