Neuron Energy, a Mumbai-based EV battery manufacturer, has successfully secured Rs.20 crore in a Series A funding round, with investments led by the Chona Family and Capri Global Family Office.

In July of the previous year, the startup secured Rs.20 crore in a pre-Series A funding round led by Equanimity.

With the new funding, Neuron Energy plans to enhance its research and development efforts and will also set up a cutting-edge R&D laboratory in Pune.

The laboratory will concentrate on improving battery lifespan, shortening charging times, and designing effective cooling systems.

Established in 2018 by Pratik Kamdar, Neuron Energy specializes in smart batteries utilizing lithium-ion and lead-acid technologies, catering to bikes, rickshaws, and golf carts. The company collaborates with original equipment manufacturers (OEMs) and provides battery solutions to small and medium-sized manufacturers.

Neuron Energy plans to build a 40,000 sq. ft. production facility in Delhi, expected to manufacture 100 MWh of batteries each year for two-wheelers.

This expansion is designed to meet the rising demand for high-performance EV batteries, both in the domestic and global markets.

Pratik Kamdar, CEO and Co-Founder of Neuron Energy, expressed his satisfaction with securing the Series A funding, noting that it reflects investor confidence in the company's profitable business model and growth potential. He stated that the investments would fuel their innovation in EV battery technology and help them achieve a revenue target of Rs 300 crores by FY 25-26. He reiterated their commitment to advancing sustainable energy solutions and supporting the development of India's EV sector.

Nirali Solani, Director at Chona Family Office, conveyed their excitement about supporting Neuron Energy's mission to transform the electric vehicle battery industry. She noted that Neuron Energy's dedication to innovation, sustainability, and excellence aligns well with their values.

Solani explained that by investing in Neuron Energy, they are helping to create a future with accessible and impactful clean energy solutions. She expressed confidence in the transformative potential of Neuron Energy's technology and believed that the partnership would lead to significant advancements in India's EV sector.