Electric vehicle (EV) smart battery manufacturer Neuron Energy Private Ltd. raised 20 crore rupees ($2.43 million) in Pre-Series A round to fund its expansion plan.

The investment, which was led by Equanimity Investments and the Rajiv Dadlani Group, also saw participation from Chona Family Office (Havmor Group) and Kayenne Ventures, along with other family offices and high net worth individuals, Neuron said in a statement.

“The funds raised will not only enhance our manufacturing capabilities, but also bolster our workforce across all levels,” Neuron Co-Founder and Chief Executive Officer Pratik Kamdar said.

The Mumbai-based EV solutions provider plans to use the funds primarily to support key initiatives such as obtaining essential ICAT Certifications and investing in mold development, according to the statement. The company is also looking to strengthen the workforce by expanding the research and development team and hiring CXO’s and senior management, it said.

In addition, the funding will fuel the company’s expansion of lithium-ion smart batteries for electric two-wheelers and three-wheelers, while aiding in the brand’s venture into drone batteries, Neuron said.

The company, incorporated in 2018, said it is on track to cross 100 crore rupees in net sales this year and expects to achieve net sales of over 500 crore rupees, with robust profitability, over the next few years.

Neuron sells lithium-ion and lead-acid technology smart batteries for e-bike, e-rickshaws, and golf carts in India, as well as also exports its products to the Middle East, Europe, and South-East Asia, according to the statement.

The company also said it is actively seeking to establish a strategic partnership with a leading EV two-wheeler manufacturer to establish a facility.

Note: $1 = 82.4185 Indian rupees

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