Mumbai-based EV battery manufacturer Neuron Energy has secured USD 3.5 million (~INR 31.32 crore) in a Pre-Series B funding round, underscoring growing investor confidence in India’s rapidly evolving electric mobility sector. The round was co-led by Equanimity Ventures, Rajiv Dadlani Group, Thackersay Family Office, and Chona Family Office, with participation from several other family offices and high-net-worth individuals (HNIs).
This latest infusion brings Neuron Energy’s total capital raised to INR 80 crore, following its INR 20 crore Series A round in August 2024 and earlier pre-Series A investments from the same institutional partners.
Scaling Manufacturing to 3 GWh
The newly raised funds will be deployed toward expanding the company’s manufacturing capacity to 3 GWh, marking a significant step in its scale-up strategy. A key part of this expansion involves the development of a fully automated, state-of-the-art production facility at Chakan, Pune, designed to manufacture advanced battery packs for electric four-wheelers and buses.
Neuron Energy also intends to strengthen its R&D capabilities, particularly in lithium-ion and emerging sodium-ion battery technologies, as part of its long-term plan to enhance performance, safety, and sustainability. The company has developed a suite of smart battery management systems (BMS) and innovation-led designs aimed at supporting the next generation of clean mobility solutions.
A Vision for Domestic and Global Growth
Founded in 2018 by CEO and Co-founder Pratik Kamdar, Neuron Energy has positioned itself as a leading developer of electric mobility solutions for two-wheelers, three-wheelers, and now heavier electric vehicles. With this funding, the company will accelerate its domestic market expansion and establish a stronger international presence, aligning with the surging global demand for efficient EV battery systems.
Kamdar emphasized the company’s strategic direction, stating that as EV adoption accelerates globally, Neuron Energy’s focus remains on capacity building, automation, and reliability—core elements for scaling production and maintaining quality standards across markets.
Neuron Energy: Business Model and Growth Trajectory
Neuron Energy’s low-CapEx, low-OpEx business model has been a defining factor in its operational efficiency and profitability. The company reports consistent year-on-year growth, demonstrating strong operating leverage in an increasingly competitive segment.
For the current financial year, Neuron Energy projects INR 200 crore in revenue, with a medium-term target of surpassing INR 900 crore as production scales and new verticals come online. This growth outlook is driven by rising demand for high-quality, high-performance EV batteries across two-wheeler, four-wheeler, and commercial vehicle segments.
Strengthening Position in India’s EV Ecosystem
Neuron Energy’s diversification into four-wheeler and bus battery systems represents a pivotal move beyond its established leadership in the two-wheeler EV battery space. The upcoming Chakan facility will serve as a cornerstone for this transition, enabling mass production with automation and precision engineering at its core.
The company’s investments align with broader trends in the Indian EV sector, which was valued at USD 2 billion (~INR 17,898 crore) in 2023 and is projected to reach USD 7.09 billion (~INR 63,447 crore) by 2025, with annual EV sales expected to hit 10 million units by 2030. With policy support, declining battery prices, and accelerating consumer adoption, the ecosystem continues to present fertile ground for innovation and investment.
Outlook
Neuron Energy’s successful Pre-Series B round not only signals investor confidence in the company’s technology roadmap but also reflects a broader institutional belief in India’s clean mobility future. As the firm deepens its research initiatives and expands its manufacturing capabilities, it is well-positioned to play a defining role in India’s transition toward sustainable, electrified transportation.
With its sights set on both domestic leadership and global competitiveness, Neuron Energy represents a maturing class of Indian clean-tech companies poised to reshape the EV energy landscape in the years ahead.
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