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Vamshi Yadav
ย โขย
SucSEED Venturesย โขย 9m
Log9 Materials: Deep Tech Darling Turned Cautionary Tale What was once an Indian EV Battery 2,300 Crores industry, is now turned to dust. What happened? The startup was envisaged to change the energy storage. โก๏ธ The Spark That Went Out Log9 had launched the grand LTO Battery technology that promised fast charging with longevity but fell short on three counts- 1) Cost versus Performance: The high cost and low energy density made it uneconomical for adoption. 2) Heat Trouble: Battery was performing badly in India's extreme ambient temperatures. 3) Vertical Stretch: In-house cell manufacturing + leasing infrastructure = capital black hole. ๐ธ Downhill from There โข FY24 Revenue- โน110 Cr โข Losses- โน118 Cr โข Debt- โน200 Cr+ โข Result- Operations ceased, top leadership exited, and the company is in trouble with lawsuits ๐ชซ What's Left in 2024? โข Offices- Bengaluru/Delhi (ghost towns)|Mumbai/Chennai/Jaipur (Closed) โข Workforce- <12 employees (from 300+) โข Morale- Destroyed, Leadership- Nonexistent, Lawsuits- Building ๐จ Takeaway for the Indian Ecosystem โ Tech โ Scale: Innovations need product-market fit before an above-average growth phase. โ Revenue โ Success: A ticking bomb that can blow up anytime, laying losses and growth. โ VCs โ Patient Capital: Deeptech needs 10 times more than a 3-year exit. โ Market Reality Check: Partnerships do not mean really bringing a product to market. The Bigger Picture Log9's demise is not merely a case of a failed start-up; it is a warning for the: โข Founders: Is capital raising your priority over real viability? Well, crash. โข Investors: Stop trying to make hard tech fit into the SaaS playbook. โข Ecosystem: Scale should be celebrated only when the fundamentals are in place. Will India introspect or repeat the same mistakes? #Deeptech #StartupLessons #VCReality #EVRevolution
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