Log9 Materials

RapidX battery packs using lithium-titanate chemistry designed to charge far faster than conventional lithium-ion.

Batteries built to operate reliably in high-heat Indian/tropical conditions without safety loss.

Fleet operators running EVs for e-commerce/delivery use-cases; Log9 batteries power fleets serving companies like Amazon, Swiggy and Flipkart.

Two/three-wheeler OEMs integrate Log9's RapidX battery packs into new vehicles.

Battery technology for railway applications, including a Vande Bharat battery order won in collaboration with Siemens (via post-acquisition entity Jupiter Electric Mobility).

Log9 managed each fleet-operator customer as a dedicated commercial account — negotiating invoices and, when needed, issuing formal legal notices directly — rather than a self-service or automated relationship. This played out publicly when Log9 sent customer BluWheelz a legal notice over an outstanding debt of more than INR 1.33 Cr.

Rather than strict automated billing, many of Log9's customer relationships involved lenient, negotiated payment terms: co-founder Pankaj Sharma said many customers paid only a fraction of what they owed each month.

Log9's account relationships included direct performance feedback from customers — fleet operators reported that many vehicles could not deliver optimum speed or range, making them costlier to run — rather than routing complaints through an anonymous consumer support channel.

Battery packs supplied directly into new vehicles from EV OEM partners such as Omega Seiki and Hero Electric.

Batteries deployed directly onto the road with commercial two/three-wheeler fleets.

Company-run mobile charging stations to service Log9-powered EVs in the field.

Log9's core activity is developing its battery technology from the ground up in India, right from the cell level, rather than importing and repackaging third-party cells.

Log9 chose to produce its cells in-house rather than assembling packs from imported cells, in pursuit of owning the full battery stack; its own cell line went live at the Jakkur facility in April 2023.

From 2022, Log9 ran a less capital-intensive EV leasing business alongside battery manufacturing: OEM vehicles fitted with Log9 batteries were purchased (via financing partners) and leased out to fleet operators and delivery startups.

Log9 invested INR 150 Cr in 2022 to build its own lithium-ion cell manufacturing facility in Bengaluru's Jakkur area, designed for 50 MWh of cell output per year; the plant became operational in April 2023.

Log9 built its own cell-level battery chemistry rather than relying on third-party cells — a capability the founder describes as unique among Indian companies.

Log9 was founded in 2015, incubated at IIT Roorkee, by Dr. Akshay Singhal, Kartik Hajela, and Pankaj Sharma.

Strategic investor and anchor backer across Series A+ and Series B rounds, holding a 15.38% fully-diluted stake as of August 2022.

Post the October 2024 divisional sale, Log9's railway and e-truck battery technology now operates under Jupiter Electric Mobility, which has already seen success deploying battery products with Indian Railways, including an order for Vande Bharat train batteries in collaboration with Siemens.

Leased vehicles powered by Log9's batteries to fleet operators, partnering with Omega Seiki Mobility and Quantum; this leasing model drove Log9's steep FY22-FY24 revenue growth.

Building its own cell manufacturing capability was a major capital cost: Log9 invested INR 150 Cr in 2022 to construct the Bengaluru (Jakkur) facility.

Log9's LTO cells cost roughly $350 per kWh to produce/source, versus about $45 per kWh for improved Chinese LFP cells — a more than 4x cost gap that weighed on unit economics.

Log9's cost base outpaced revenue: the company posted INR 118.6 Cr in losses in FY24, up from INR 88.4 Cr in FY23, with debt reaching INR 200 Cr.

As cash pressure mounted, Log9 cut payroll costs sharply, letting go of nearly 180 employees and shrinking to about 40 staff.