Log9 Materials raises Rs 91.25 Cr in extended Series B round
Log9 Materials raised Rs 91.25 crore in Series B round led by PTV International Ventures. SiriusOne Capital, Cornorstone Ventures, Anicut Capital, and others.
In a filing earlier this month, the deep-tech startup revealed that PTV International Ventures invested Rs 83.33 crore into the company while Sirius One infused Rs 2,90 crore, Kube Opportunities’ LO Fund Rs Rs 1.83 crore, and Cornerstone Ventures Rs 2.04 crore. The rest of the sum was invested by Anicut Capital, IITMS Rural Technology and Business Incubator, and Veera Lokesh Ayireddy.
Last year, the startup raised Rs 77 crore in a Series B fundraise from Amara Raja Batteries.
Founded in 2014, Bengaluru-based Log9 Materials is an indigenous deep-tech and advanced battery-tech startup that offers fast-charging batteries that the startup claims last longer and offer higher performance and safety.
For FY22, the company reported Rs 24.6 crore in revenue and posted a loss of Rs 16.09 crore. In the previous fiscal, these figures were at Rs 7.4 crore and Rs 7.6 crore, respectively. The biggest expense—the cost of materials—consumed was Rs 23.23 crore against Rs 2.14 crore in FY21. It posted an employee benefit expense of Rs 6.25 crore against Rs 4.67 crore in FY21.
The company also announced last year a new electric cell factory at their campus in Bengaluru, aimed at serving innovation in the electric vehicle and electric cell industries in India in the future.
Edited by Kanishk Singh