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EV battery manufacturer Neuron Energy raises Rs 31 Cr in pre-Series B round

EntrackrEntrackr · 9d ago
EV battery manufacturer Neuron Energy raises Rs 31 Cr in pre-Series B round
Medial

EV battery manufacturer Neuron Energy has raised Rs 31 crore ($3.5 million) in a pre-Series B funding round co-led by Equanimity Ventures, Rajiv Dadlani Group, Thackersay Family Office, and Chona Family Office, along with participation from other family offices and HNI investors. The Mumbai-based company had previously raised Rs 20 crore in a Series A round co-led by the Chona Family and Capri Global Family Office in August last year. With this pre-Series B investment, Neuron Energy has raised a total of Rs 80 crore to date. The fresh capital will be used to expand its manufacturing capacity to 3 GWh and establish a fully automated, state-of-the-art facility for electric four-wheelers and buses. It will also be used to strengthen R&D capabilities, accelerate domestic growth, and expand the company’s footprint in international markets, Neuron Energy said in a press release. Founded in 2018 by Pratk Kamdar, Neuron Energy manufactures electric vehicle (EV) batteries and offers a wide range of mobility solutions powered by advanced lithium-ion technologies. The company is also actively developing next-generation sodium-ion solutions. It focuses on quality, innovation, and sustainability, aiming to drive the next wave of growth in India’s clean mobility sector. Neuron Energy said it has developed smart battery management systems and innovation-led products, and that its new facility reinforces its leadership in the two-wheeler EV battery segment. The company also plans a strategic entry into heavier vehicle categories. Neuron Energy added that it operates on a low-CapEx and low-OpEx business model, enabling strong operating leverage. The company claims to have been growing profitably year-on-year and is on track to achieve Rs 200 crore in revenue this year. It aspires to surpass Rs 900 crore in sales, with continued profitability, over the next few years.

Ather Energy posts Rs 676 Cr revenue in Q4 FY25, narrows losses by 17%

EntrackrEntrackr · 6m ago
Ather Energy posts Rs 676 Cr revenue in Q4 FY25, narrows losses by 17%
Medial

Electric two-wheeler maker Ather Energy has announced its financial results for the fourth quarter of FY25. The company reported a 29% year-on-year jump in its operating revenue compared to Q4 FY24. Ather’s revenue from operations increased by 29% to Rs 676 crore in Q4 FY25, from Rs 523 crore in Q4 FY24, according to its consolidated quarterly report sourced from the National Stock Exchange (NSE). For the full fiscal year (FY25), Ather Energy’s operating revenue increased 29% to Rs 2,255 crore in FY25 from Rs 1,754 crore in FY24. The company’s cost of materials, driven primarily by battery and component procurement, increased by nearly 16% to Rs 564 crore in Q4 FY25 from Rs 488 crore in the same period last year. Employee benefit expenses saw a decline of 29% YoY to Rs 109 crore in Q4 FY25 compared to Rs 154 crore in Q4 FY24. Depreciation and amortization costs rose 18% to Rs 45 crore, while other operational costs jumped nearly 47% to Rs 204 crore. Overall, Ather’s total expenditure grew 13% to Rs 922 crore in Q4 FY25, up from Rs 819 crore in Q4 FY24. For the full financial year ending March 2025, total expenses rose to Rs 3,117 crore as against Rs 2,674 crore in FY24. As a result, the company’s net losses reduced by 17% to Rs 234 crore in Q4 FY25 from Rs 283 crore in Q4 FY24. On a fiscal basis, its net losses came down 23% to Rs 812 crore in FY25 from Rs 1,060 crore in FY24. Ather Energy made its stock market debut on May 6, 2025, listing at Rs 328 per share on the NSE—2.18% above its issue price of Rs 321. However, the stock closed the day at Rs 300. On Monday, it rose 2.8% to trade at Rs 308.7 before market close, bringing its total market capitalization to Rs 11,497 crore ($1.34 billion). Ather's competitor Ola Electric, which saw a nearly 20% decline in operating revenue during Q3 FY25, has yet to file Q4 results.

3ev Industries raises Rs 120 Cr in Series A led by Mahanagar Gas

EntrackrEntrackr · 10d ago
3ev Industries raises Rs 120 Cr in Series A led by Mahanagar Gas
Medial

3ev Industries raises Rs 120 Cr in Series A led by Mahanagar Gas Electric vehicle (EV) OEM company 3ev Industries has raised Rs 120 crore in Series A funding round led by Mahanagar Gas. The round also witnessed participation from Equentis Angel Fund and Thackersey Group. MGL committed Rs 96 crore as the lead investor, while other participants included the Thackersey Group with Rs 10.46 crore and Equentis with Rs 8.15 crore. Additional contributions came from a group of HNIs, UHNIs, and family offices amounting to Rs 4.82 crore. The proceeds will be utilized to expand its manufacturing capabilities, powering the launch of its pioneering 3C division (charging, care & conversions), and accelerate advancements in supply chain integration and research across regenerative braking systems, advanced materials, and solar-enabled cold chain EV technologies, 3ev Industries said in a press release. Co-founded in 2019 by Peter Hartmut and CG Krishna Bhupathi, 3ev Industries is a Bengaluru-based electric vehicle OEM focused on delivering affordable, reliable, and scalable mobility solutions for India’s growing last-mile and urban transport needs. Alongside its Battery-as-a-Service (BaaS) platform, it integrates manufacturing, financing, and aftermarket support to make EV adoption seamless for customers. As per market research, the urban mobility segment is projected to grow at a 19.5% CAGR, reaching $18.7 billion by 2035 and achieving over 60% penetration in total three-wheeler sales. "This investment initiated in FY25 marked a defining milestone for 3ev Industries. With this funding, we have strengthened our build quality, after-market capability and tailored financing solutions that make EV adoption seamless for our customers. Our mission has always been to transform last-mile connectivity with sustainable mobility through an Ecosystem approach, and this partnership gave us the resources and strategic support to target that,” said Peter Voelkner, MD, 3ev. 3ev has demonstrated traction through the receipt of this funding, nearly doubling vehicle sales from 438 in FY24 to a projected 834 in FY25, with revenues rising from Rs 17.8 crore in FY24 to Rs 54.7 crore in FY25. By FY26, the company targets a revenue of Rs 65 crore with a positive EBITDA margin.

Zypp Electric reports Rs 303 Cr revenue in FY24 as losses rise 2.2X

EntrackrEntrackr · 1y ago
Zypp Electric reports Rs 303 Cr revenue in FY24 as losses rise 2.2X
Medial

B2B delivery and shared mobility startup Zypp Electric raised $14 million shortly after the end of FY24, driven by consistent growth fueled by the rise of quick commerce and food delivery. The Gurugram-based firm reported a 2.6X increase in scale, with total revenue surpassing Rs 300 crore during the fiscal year ending March 2024. Zypp Electric’s revenue from operations surged to Rs 293 crore in FY24, up from Rs 109 crore in FY23, according to its standalone financial statements accessed by Entrackr from the Registrar of Companies. Founded by Akash Gupta and Rashi Agrawal in 2017, Zypp Electric is an EV-as-a-service platform offering electric vehicle rentals along with delivery services through its e-scooter fleet for gig workers. The company claims to have around 22,000 active vehicles in its fleet, with 15,000 in Delhi NCR, 4,000 in Bengaluru, and 1,200 in Mumbai. Income from vehicle rentals and delivery services was the primary revenue source for Zypp Electric. The company has not disclosed a breakdown of its revenue for FY24. However, in FY23, 76% of revenue came from delivery services, with the remainder from vehicle rentals. It also offers advertising solutions on its scooters and helmets, though it appears this has not yet generated significant revenue for the firm. Reflecting its growth, Zypp Electric’s total expenditure surged 2.6X to Rs 394 crore in FY24, compared to Rs 152 crore in FY23. Employee benefits and rent-repairs rose by 2.1X and 3.9X, respectively, in FY24. Zypp Electric didn’t disclose a detailed breakdown of other expenses, listing Rs 274 crore under miscellaneous, which likely includes payments to riders, legal fees, advertising, and other operational expenses. FY23-FY24 FY23 FY24 EBITDA Margin -17.12% -19.47% Expense/₹ of Op Revenue ₹1.39 ₹1.34 ROCE -18.23% -100% In pursuit of growth, losses for the firm rose 2.27X to Rs 91 crore in FY24, up from Rs 40 crore in FY23. Its ROCE and EBITDA margin stood at -100% and -19.47%, respectively. On a per-unit basis, Zypp Electric spent Rs 1.34 to earn a rupee in the last fiscal year. To date, Zypp Electric has raised over $80 million, including $25 million led by Taiwanese EV maker Gogoro in February 2023. According to TheKredible, IAN Fund is the largest external stakeholder, followed by 9Unicorns and Anthill Ventures. Zypp Electric has raised over $80 million to date, including $25 million funding led by Taiwanese EV maker Gogoro in February 2023. According to the startup data intelligence platform TheKredible, IAN Fund is the largest external stakeholder followed by 9Unicorns and Anthill Ventures.

Yulu revenue jumps 98% in FY25; losses stand at Rs 126 Cr

EntrackrEntrackr · 4d ago
Yulu revenue jumps 98% in FY25; losses stand at Rs 126 Cr
Medial

Fintrackr All Stories Yulu revenue jumps 98% in FY25; losses stand at Rs 126 Cr Electric mobility startup Yulu has nearly doubled its revenue in the fiscal year ended March 2025 to Rs 237.4 crore. At the same time, the company cut down losses by 12% to Rs 126 crore. Yulu’s operating revenue jumped 98% year-on-year to Rs 237.4 crore in FY25 from Rs 120 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). Eight-year-old Yulu offers last-mile connectivity by renting electric bikes and operating an extensive EV charging and battery-swapping network. The company provides urban Mobility-as-a-Service (MaaS) across Bengaluru, Mumbai, and Delhi-NCR. Rental income from electric vehicles remained Yulu’s dominant revenue driver, forming nearly 85% of its operating revenue at Rs 201 crore in FY25. Sales of electric bikes and accessories contributed another Rs 22.67 crore. The company also earned Rs 13.24 crore by supplying riders, field staff, and other manpower services to clients. The rest of its operating income came from franchise operations and delivery-related services. The company also earned Rs 4.53 crore from interest on fixed deposits, current investments and dividend income, taking its total revenue to Rs 241.9 crore. On the expense side, the cost of materials was the largest cost centre, accounting for 43.23% of total expenses which rose 53% to Rs 151.56 crore in FY25. Employee benefits expenses remained flat at Rs 88.43 crore including Rs 9.35 crore in ESOP costs, while depreciation and amortisation surged over 70% to Rs 66 crore. Other overheads, including advertising expenses, rent, and legal and professional fees, pushed total expenses to Rs 350.6 crore in the last fiscal year, marking a 36% jump from Rs 258.3 crore in FY24. Coming to the bottom line, the Bajaj-backed company’s 98% jump in revenue enabled it to trim losses by 12% to Rs 126 crore in FY25, compared to Rs 142.8 crore in FY24. Yulu’s EBITDA margin improved to –15.29% from –80.11% in FY24, while EBITDA (loss) stood at Rs 36 crore. On a unit level, the company spent Rs 1.48 to earn a rupee of operating revenue. The company’s current assets stood at Rs 101.95 crore at the end of March 2025. Notably, its cash and bank balance fell 93% to Rs 9.65 crore during the period, down from Rs 142.7 crore in FY24. According to startup data intelligence platform TheKredible, the Bengaluru-based company has raised over $140 million to date, including $19.25 million secured in February last year from Magna and Bajaj Auto.

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