Electric vehicle (EV) battery manufacturing company Neuron Energy has raised ₹200 million (~$2.4 million) in a Series A funding from investors, including the Chona Family and Capri Global Family Office.

The funds will be used to bolster Neuron’s research and development (R&D) capabilities. This will include establishing an R&D laboratory in Pune and a manufacturing facility in Delhi.

While its Pune facility will aim to enhance battery life, reduce charging duration, and develop efficient cooling packs, the Delhi facility will produce 100 MWh of batteries annually, specifically for two-wheelers.

The company aims to clock ₹1.5 – 2 billion (~$17.86 – 23.81 million) in revenue in the current fiscal year.

Pratik Kamdar, CEO and Co-Founder of Neuron Energy said, “We are pleased to secure this Series A funding, which reflects investor confidence in Neuron Energy’s profitable business model and growth potential. These investments will drive our innovation efforts in EV battery technology and support our goal of achieving a revenue of ₹3 billion (~$35.72 million) by FY 25-26. We remain committed to advancing sustainable energy solutions and contributing to India’s evolving EV landscape.”

Neuron Energy provides lithium-ion and lead-acid technology smart batteries for bikes, rickshaws, and golf carts.

The platform works with original equipment manufacturers and supplies batteries to small and medium manufacturers. It claims to work with companies including Komaki, E-Vishwa, EVTrick, and 3ev.

Last year, the company raised ₹200 million (~$2.4 million) in the Pre-Series A round. The investment was led by Equanimity Investments and the Rajiv Dadlani Group, among others. The funding was intended to be used for the expansion of Li-ion smart batteries for EV two-wheelers and three-wheelers while aiding the brand’s venture into drone batteries.

In 2022, the company made a major investment of ₹500 million ($6.04 million)  to increase its production capacity of lithium-ion batteries.