![img-[object Object]](/_next/image?url=%2F_next%2Fstatic%2Fmedia%2FLogo-vertical-inverse.c53afd68.png&w=3840&q=75)
EV battery manufacturer Neuron Energy aims for Rs 120 Cr revenue in FY24
The ecosystem for
electric vehicle
startups has maintained investor interest, and this year it has secured close to half a billion dollars. According to information obtained from TheKredible, 36 companies in the EV sector have received approximately $480 million already in 2023. In contrast, 61 agreements involving EV startups generated $796 million in 2022.In addition to manufacturers, battery and charging firms are also prospering. One such company is Neuron Energy, which asserts to have installed more than 20,000 batteries in
two-
and three-wheeler electric vehicles (EVs).Neuron offers lithium-ion and lead-acid smart batteries for its Bikes, rickshaws, and golf carts. It was founded by Pratik Kamdar and Raj Shah. In a pre-Series A transaction, the firm recently raised Rs 20 crore, which is said to be the outcome of its four-fold expansion in FY23.
Pratik Kamdar, co-founder and CEO of Neuron Energy, stated, "Our scale grew nearly 4X to Rs 30 crore in FY23 and we remained profitable with Rs 30 lakh (PAT)". "Only 20% of our lithium-ion batteries are used in three-wheelers, with the majority being used in two-wheelers."
The company not only collaborates with OEMs directly but also provides batteries to small and medium manufacturers that don't produce their own batteries. It states that it is compatible with 12 OEMs, including 2.O, Komaki, YC Electric, E-Vishwa, and EVTrick.
In neighbouring nations including Kuwait, the United Arab Emirates, the Maldives, Thailand, Malaysia, Sri Lanka, Nepal, and Bangladesh, Neuron Energy also provides golf cart batteries. In the upcoming months, the business also intends to grow into the markets of Europe, the US, and Africa.
Batteries in EVs are a key source of safety and breakdown problems, but Neuron Energy claims to have found solutions to both. “We resolve over 90% of problems through a combination of mobile apps and remote assistance," and our batteries are Bluetooth-enabled,” claimed Kamdar.
Experts and people frequently blame batteries for EV fires, although Kamdar emphasises that their batteries are safe.
"We test for three to six months, observing the performance of the cells in a range of environments, such as temperature ranges and degrading life cycles. Out of the 20,000 packs we have placed in the market, we have not had any fire accidents, he claimed.
Neuron Energy intends to raise a sizable round by the conclusion of the current fiscal year, encouraged by its four-fold expansion in FY23.
According to Kamdar, "On the lines of FY23, we will grow our collection to Rs 120 crore in FY24. We established a target to deploy 50,000 batteries, and as of right now, anything from 3,000 to 5,000 units are installed each month.”