Bengaluru-based Log9 Materials revenue grew by nearly 48% in FY24, reaching Rs110.37 crore from Rs 74.43 crore in FY23, driven by its continued innovation in advanced energy storage solutions.
Log9 specializes in graphene nanotechnology and develops cutting-edge energy storage systems, including Rapid Charging Batteries for two- and three-wheelers and Aluminum Fuel Cells for long-haul vehicles. Its RapidX battery range is renowned for 9x faster charging, extended lifespan, and superior safety. The company also partners to build an EV charging infrastructure across India, furthering its vision of clean and sustainable mobility.
Founded in 2015 by Akshay Singhal, Kartik Hajela, and Pankaj Sharma, Log9 has raised Rs 479.61 crore in funding over 14 rounds, with its most recent funding in January 2023. Akshay V. Singhal holds 24.1%, Amara Raja hoolds 15.3% stake in the company. While Exfinity Technology hold 10.9% in the company and company has an ESOP of 6.5% of the shares.
Expenses increased by 40.6% in FY24 to Rs 228.93 crore from Rs 162.81 crore in FY23. Employee benefit costs accounted for 24.18% of total expenses in FY24, down from 26.22% in FY23. Depreciation expenses rose to 9.7% of total expenses in FY24 from 8.3% in FY23, while advertisement costs dropped to 1.1% in FY24 from 2.6% in FY23.
Losses widened to Rs 118.62 crore in FY24 from Rs 88.76 crore in FY23. However, the EBITDA margin improved to -66.96% in FY24 from -86.83% in FY23, reflecting enhanced operational efficiency. ROCE declined further to -39.46% in FY24 from -30.37% in FY23.