Neuron Energy, an electric vehicle (EV) battery manufacturer, has announced it has raised Rs 20 crore ($2.4 million) in its Series A funding round. The round was co-led by Chona Family and Capri Global Family Office, following a similar amount secured in its pre-Series A round.

The newly acquired funds will enable Neuron Energy to significantly enhance its research and development (R&D) initiatives. The company plans to establish a state-of-the-art R&D laboratory in Pune and set up a manufacturing facility in Delhi. These developments are expected to boost the company’s capabilities in battery innovation and production.

Founded in 2018 by Pratik Kamdar, Neuron Energy specializes in providing lithium-ion and lead-acid smart batteries for electric bikes, rickshaws, and golf carts. The company collaborates with original equipment manufacturers (OEMs) and supplies batteries to small and medium manufacturers that do not produce their own. Neuron Energy’s client list includes notable companies such as Komaki, YC Electric, E-Vishwa, EVTrick, 3ev, and 2.O.

The Pune facility will focus on improving battery longevity, reducing charging times, and developing advanced cooling solutions. Meanwhile, the new manufacturing plant in Delhi is projected to produce 100 MWh of batteries annually, primarily for two-wheelers. Neuron Energy aims to achieve a revenue target of Rs 150-200 crore in the current fiscal year.

As the EV battery sector continues to grow, Neuron Energy stands out among other notable startups in the space, including Amara Raja Energy & Mobility, Altigreen Propulsion Labs, and Anchor Electricals.