Neuron Energy, a Mumbai-based electric vehicle (EV) battery manufacturer, has raised ₹20 crore ($2.4 million) in its Series-A funding round. The round was co-led by the Chona Family and Capri Global Family Office. This marks the second major funding boost for the company, following an identical amount raised during its pre-Series A round.
Founded in 2018 by Pratik Kamdar, Neuron Energy specializes in producing lithium-ion and lead-acid technology smart batteries designed for bikes, rickshaws, and golf carts. The company collaborates closely with original equipment manufacturers (OEMs) and supplies batteries to small and medium-sized manufacturers that do not produce their own. Notable clients include Komaki, YC Electric, E-Vishwa, EVTrick, 3ev, and 2.O.
The newly secured funds are earmarked for enhancing Neuron Energy’s research and development capabilities. The company plans to establish a state-of-the-art R&D laboratory in Pune and a new manufacturing facility in Delhi. The Pune facility will focus on improving battery life, reducing charging times, and developing advanced cooling packs, while the Delhi facility is expected to produce 100 MWh of batteries annually, specifically targeting the two-wheeler market.
Neuron Energy is targeting a revenue of ₹150-200 crore in the current fiscal year, as it ramps up production to meet growing demand in the EV sector. The company is positioning itself among other prominent players in the space, including Amara Raja Energy & Mobility, Altigreen Propulsion Labs, and Anchor Electricals.
As the EV market in India continues to expand, Neuron Energy’s commitment to innovation and manufacturing excellence places it in a strong position to capitalize on the industry’s growth opportunities.