Log 9 Materials raises $8.5 mn in funding round led by Amara Raja Batteries
Advanced battery-tech start-up, Log 9 Materials on Monday said it has raised USD 8.5 million (around Rs 63 crore) in a funding round led by Amara Raja Batteries.
The company has also entered into an equity partnership and collaboration with Amara Raja Batteries Ltd (ARBL), a leading manufacturer of industrial and automotive batteries, Log 9 Materials said in a statement.
ARBL was the anchor investor in this funding round, making an investment of USD 5 million (Rs 37 crore).
Existing investors, including Exfinity Ventures and Sequoia Capital India's Surge Programme, alongside a clutch of new investors were also a part of the Series A+ funding round, it added.
"The new investors have, along with the existing investors, invested around USD 8.5 million in the ongoing USD 10-12 million series A+ round," the company said.
The fresh funds raised will be utilised to expand production capacity and business development efforts of Log 9's latest innovation -- Rapid Charging Battery technolog