Highlights :
- Battery platform for eleLog9 Materials has scooped up over $11 million in a Series B round, which was led by PTV International Ventures.
- Participants in the investment round included SiriusOne Capital, Cornerstone Ventures, among others.
Battery platform for electric vehicles Log9 Materials has scooped up over $11 million in a Series B round, which was led by PTV International Ventures. Participants in the Series B round included SiriusOne Capital, Cornerstone Ventures, among others.
This is seemingly an extension of the Series B round, which is followed by the Rs 77 crore worth of fundraising from Amara Raja Batteries back in September 2022. Entrackr, a platform on startup economy had covered the fundraise exclusively.
In its regulatory filing with the Registrar of Companies, the startup revealed that its board has cleared a resolution to allow for the issuance of 44,194 Series B compulsory convertible preference shares (CCPS) while CCPS for 440 partially paid will stand at issue price of Rs 22,703 each and Rs 100 per share respectively. This has facilitated fundraising worth Rs 91.26 crore.
The round, as mentioned earlier, was led by PTV International Ventures with Rs 83.33 crore. Further, this was led by SiriusOne Capital with Rs 2.9 crore and Cornerstone Ventures with Rs 2.04 crore. The round was also joined by Kube Opportunities’ LO Fund with Rs 1.83 crore. The rest of the amount was infused by Anicut Capital, IITMS Rural Technology and Business Incubator, and others.
It is estimated that the startup is valued at close to Rs 1,786 crore following allotment. Since August 21, Log9 Materials has raised close to $30 million up until now. This also entails a Series A+ round of $8.5 million that took place in August 2021 itself.
Log9 Materials has managed to increase revenue rather swiftly in the last fiscal year. Notably, in previous fiscal year, its operating revenue was at Rs 7.5 crore, however, in FY2022, it jumped to Rs 24.7 crore.
In a major announcement, three Wheeler EV fleet operator 3eco Systems and the advanced battery-tech and deep-tech startup forged a strategic partnership for the deployment of Shakti 8 Cargo (S8Ci). The partnership will pave the way for the deployment of over 2,000 InstaCharged heavy duty EVs across India in the span of the next 18 months.
More details can be found on Entrackr.