Deeptech company Log9 Materials recorded a revenue of Rs 74.43 crore in FY23, a considerable hike as compared to FY22’s Rs 25.51 crore. It witnessed expenses amounting to Rs 163 crore, a surge as compared to the previous year’s Rs 42 crore. The company saw a loss of Rs 88.78 crore, a rise from FY22’s Rs 16 crore.
The Bengaluru-based company spent over 30% of its total expenses on cost of materials and close to 27% on employee benefits. In FY22, it spent over 50% in cost of materials and over 15% on employee benefits.
Founded in 2015 by Akshay Singhal, Kartik Hajela, and Pankaj Sharma, Log9 Materials is a renewable energy company that is focused on building lithium-titanium-oxide batteries for electric vehicles. It manufactures a range of batteries called RapidX for both two and three-wheelers. Additionally, it also partners with businesses to create an electric vehicle charging infrastructure ecosystem across India.
The company has raised a total of Rs 479.8 crore in funding over 14 rounds. Its latest round was on Hanuary 2023 and raised a total of Rs 163 crore from Amara Raja Batteries, PETRONAS, InCred, Unity Small Finance Bank, Oxyzo, Western Capital among others.
Co-founders Akshay Singhal and Pankaj Sharma hold over 20% and 1%, respectively, of the company shares. Investors Amara Raja Batteries and PETRONAS have about 15% and 4% of Log9 Materials’ shares.
It currently competes against the likes of Mumbai-based Gegadyne Energy, Bengaluru-based Exponent Energy, and Hyderabad-based Cygni Energy.