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Log9’s EV Dream: From Deeptech Darling to Distress Sale
How India’s boldest deeptech battery startup burned — and why it may never recover.
Think Tank
May 03, 2025
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In a startup ecosystem obsessed with valuations, moonshots, and unicorn status, Log9 Materials stood out for a while. A company founded not in a WeWork cubicle but in a father’s godown. A team that prioritized tech depth over Twitter hype. And a founder who spoke more about energy density than DAUs or GMV.
But by 2025, Log9 — once India’s torchbearer of cell-level battery innovation — has laid off over 80% of its workforce, lost a cofounder, is embroiled in lawsuits, and is rumored to be looking for buyers.
So, how did India’s most promising battery startup — backed by the likes of Sequoia Surge, Petronas Ventures, and Amara Raja — go from being the poster child of EV deeptech to another startup on the brink?
Let’s unpack this.
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The Origin: Born in a Godown, Aiming for a Gigafactory
Log9 didn’t begin like your typical VC-funded EV startup — it wasn’t founded in a plush WeWork or backed by flashy pitch decks. It was born in a godown in Dehradun, where Dr. Akshay Singhal, an IIT-Roorkee PhD dropout, set up a makeshift lab with the help of his mother (a chemist) and father (a local businessman). This wasn’t just a garage startup — it was a deeptech rebellion.
The goal? To create battery technology in India, not just assemble it.
While every other Indian “battery startup” was importing Chinese cells and rebranding them in glitzy OEM packaging, Log9 asked a radically different question:
“Why can’t we build battery cells in India — for Indian roads, weather, and economics?”
That question shaped everything they did.
Tech Stack: From Nanotech to EV Ecosystem
Log9’s early days were deeply rooted in materials science. The company wasn’t trying to build just another EV part. It was chasing the holy grail of clean energy: better, safer, and cheaper batteries. Here’s how that pursuit evolved:
1. Aluminum-Air Fuel Cells (2015–2018)
Based on aluminium and graphene.
Promised a 30–40% cost advantage over lithium-ion.
Ideal for long-range vehicles and stationary storage.
But: Technology wasn’t commercially viable fast enough.
So Log9 pivoted…
2. LTO (Lithium Titanate Oxide) Cells (2019–2023)
Safer chemistry, ideal for hot Indian conditions.
Allowed superfast charging (under 15 mins).
Lasted 4–5x longer than regular LFP cells.
Perfect for commercial vehicles with high utilization.
This is where things got ambitious — because Log9 didn’t stop at cell chemistry.
The Full Stack Dream
By 2021, Log9 began positioning itself as India’s first and only vertically integrated battery company, building every layer of the EV power stack:
Layer | Log9’s Play |
|---|---|
Materials R&D | Proprietary LTO and later LFP formulations. |
Cell Manufacturing | India's first commercial lithium-ion cell facility (Bengaluru, 50 MWh planned). |
Battery Packs | RapidX Series batteries for 2W, 3W, and commercial 4W vehicles. |
Software + Telematics | Realtime battery health + predictive maintenance from 30+ data points/second. |
Charging Infrastructure | Built InstaCharge network – interoperable and UPI-ready charging stations. |
Financing + Leasing Platform | Collaborated with NBFCs and started leasing EVs to fleets. |
While other battery players were assembling boxes, Log9 was building an ecosystem — with science at the core.
Why This Was Bold (and Risky)
Vertical Integration: Owning the stack gives you control — but also multiplies your capital needs.
Made-for-India Batteries: Designing cells for hot climates and erratic charging cycles made sense — but required massive R&D.
Commercial Vehicle Focus: Targeting fleets, not consumers, meant prioritizing high-utilization use cases where fast-charging tech made sense.
For a while, everything aligned. Customers like Omega Seiki Mobility, Quantum, and 3ECO adopted Log9’s tech. Investors like Amara Raja, Sequoia Surge, and PETRONAS piled in over $70 Mn.
And by 2023, Log9 had hit ₹110 Cr in revenue, claimed a 25% market share in L5 cargo EV batteries, and had deployed vehicles across India’s top metros.
But as we’ll soon see, brilliant engineering doesn’t guarantee product-market fit — especially in a country as price-sensitive and infrastructure-challenged as India.
The Business Model: Building the Triangle
At its peak, Log9’s business model wasn’t just layered — it was triangular.
A tight three-cornered flywheel where each edge strengthened the next. But like all triangles, it was only stable as long as all three corners held. And when one cracked, the entire model tilted dangerously.
Let’s break it down:
1. Cell Manufacturing: Owning the Core IP
This was the heart and thesis of Log9’s existence — the only Indian company at the time attempting commercial lithium-ion cell manufacturing at scale.
Chemistry Focus:
Log9’s bet was on LTO (Lithium Titanate Oxide) cells, engineered specifically for India’s hot, humid, and bumpy terrain. These were:Safer than traditional LFP or NMC cells
Charged 5x faster
Lasted for ~10,000 charge cycles
Infrastructure:
Log9 commissioned a ₹150 Cr, 50 MWh cell plant in Bengaluru’s Jakkur in 2023 — a landmark move for India’s deeptech sector.Challenges:
Despite setting up the plant, Log9 remained dependent on imported cells for most of 2023 due to:Visa issues for Chinese tech teams needed to set up machinery
Limited domestic raw material supply chain
Incomplete localization of manufacturing know-how
So, while the ambition was to own the “brains” of the battery, execution challenges kept them stuck in a halfway house — claiming IP, but shipping SKUs with imported cells.
2. Battery Packs + Data Intelligence Layer
The second layer of the triangle involved engineering cells into high-performance battery packs, branded as RapidX.
Product Lines:
RapidX 2000 for 2-wheelers
RapidX 8000 for 3-wheelers
ZapUp LFP packs for stationary power
OEM Integrations:
Log9 didn’t build vehicles — it partnered with OEMs like:Omega Seiki Mobility (OSM)
Quantum
3ECO
Northway Motors
These OEMs used Log9’s batteries in EVs, which Log9 either sold or leased via financing partners.
Telematics Moat:
Here’s where things got interesting. Every Log9-powered vehicle relayed 30+ data points per second — battery health, charging cycles, ambient temperature, driving patterns.This data wasn’t just for diagnostics. It became a quiet moat:
Helped financiers underwrite EV loans
Gave CPOs visibility on charging demand
Enabled predictive maintenance models for fleets
Think of it as Tesla-level intelligence, but built for India’s street-smart commercial EV ecosystem.
3. Leasing, Infra, and Financing: The Revenue Engine
While cells and packs were the tech IP, leasing became the financial spine of Log9’s business — and ironically, its biggest risk.
Leasing Strategy:
Log9 partnered with financing platforms like Revfin, Alt Mobility, and Gentari. These financiers bought vehicles from OEMs and leased them to fleet operators. Log9 provided the batteries + analytics + maintenance.Charging Infra (InstaCharge):
Recognizing India’s EV infra vacuum, Log9 launched InstaCharge — a UPI-enabled, open access charging network. It allowed any EV to charge at any CPO’s station listed on the platform, encouraging interoperability — a rare move in a fragmented ecosystem.
De-risking Adoption:
To soothe fleet buyers’ concerns about battery costs:Log9 offered 6-year unlimited-km warranties
Buyback guarantees worth ₹1.2 Lakh on 3W batteries
Full maintenance and service coverage on leased vehicles
The Fragility of the Triangle
Cells were too expensive (₹350/kWh vs China’s LFP at ₹45/kWh).
Packs lost relevance when cheaper imports flooded the market.
Leasing scaled quickly — but created working capital pressure and exposed Log9 to defaults and asset repossession.
As the LTO tech became commercially unviable and fleet defaults surged, the entire triangle began to collapse inward — revealing a business that looked integrated on paper but was brittle in practice.
The Business Model Evolution: From Deeptech to Distribution
Here’s how the model evolved over time, and why it eventually broke down.
Phase | Period | Focus | Revenue Source | Key Risks |
|---|---|---|---|---|
R&D Deeptech | 2015–2019 | Fuel cell and battery chemistry innovation | No revenue | High burn, long R&D cycles |
Battery Pack Sales | 2019–2021 | Assembling packs using imported cells | Limited OEM sales | No unit economics, imported tech |
Full-Stack Battery Tech | 2021–2023 | Own cells + packs + OEM integration | Sales to OEMs + trials | Delays in cell plant, poor scaling |
EV Leasing + Infra | 2022–2024 | Owns EVs, leases to fleets, builds charging infra | Leasing revenue + subscription data | High capex, poor receivables, debt spiral |
Log9 pivoted from being a tech-first company to a leasing-first company. But while leasing inflated revenue, it also buried the core problem:
Their battery tech — specifically LTO chemistry — was getting obsolete.
The LTO Bet: Right Tech, Wrong Market
In the early days, Log9 made a bold and unconventional call — to go all-in on LTO (Lithium Titanate Oxide) batteries. The logic was clear: India’s harsh tropical conditions demanded a battery that could withstand extreme heat, charge quickly, and last longer. LTO fit the bill technically — but not commercially.
By 2024, global market dynamics had shifted. LFP (Lithium Iron Phosphate) batteries had become cheaper, more efficient, and “good enough” for most applications. And in India’s cost-conscious fleet ecosystem, that was all that mattered.
The Fatal Mismatch
Feature | LTO (Log9) | LFP (China) |
|---|---|---|
Cost | $350/kWh | $45/kWh |
Range | Lower | Higher |
Safety | Very High | Medium |
Lifecycle | >15,000 cycles | 5,000–6,000 (now improving) |
Fleet Fit (India) | Poor fit | Dominant choice |
Fleet operators didn’t care about thermal runaway simulations or cycle life. They just wanted cheaper EVs that could do the job. Log9-powered vehicles ended up being ₹1–1.2 lakh more expensive than LFP-powered competitors — a death sentence in a market that lives and dies by cost per kilometer.
The Collapse: Lawsuits, Layoffs, and Liquidity Crunch
By mid-2024, Log9’s triangle model had begun to crack. And once the cracks appeared, the collapse was swift and brutal. What was once India’s most promising EV battery innovator became a cautionary tale of overreach, misreads, and mismanagement.
Here’s how it unraveled:
Cell factory underutilized: Despite a ₹150 Cr investment in a 50 MWh plant, production lagged due to visa delays for Chinese engineers. Imported cells remained the fallback — at a cost Log9 couldn’t sustain.
LFP price crash: By mid-2024, the price of Chinese LFP cells had plummeted to $45/kWh, while Log9’s LTO cells cost $350/kWh. With fleet operators choosing price over safety, Log9’s tech edge became irrelevant.
Legal trouble: Fleet operator Bluwheelz sued Log9, claiming the batteries failed to meet promised speed and range, causing crores in losses. Log9 responded with counterclaims for unpaid dues. The matter spiraled into an ugly legal battle.
Debt spiral: Log9’s debt ballooned to ₹200 Cr, worsened by late or missing payments from fleet clients. With no venture funding arriving, the company entered a borrow-to-survive cycle.
Key exit: Co-founder Kartik Hajela, who led B2B deals, exited after Log9 sold its railway battery unit to Jupiter Electric Mobility for ₹40 Cr — a distress asset sale.
Mass layoffs: Over 180 employees were laid off starting late 2024. Sources say salaries and PF contributions remain unpaid, with only ~40 employees left by early 2025.
Even today, Log9 claims to have an ₹80–90 Cr order book for LFP battery packs. But with no capital, no investor interest, and mounting liabilities, fulfilling those orders looks unlikely.
What’s Next for Log9?
Despite the collapse, Log9 isn’t calling it quits — at least not officially.
The company claims it is:
Actively seeking strategic capital to revive operations
Trying to sell its leftover LTO battery inventory to markets like Canada and Switzerland.
Open to divesting verticals or even its proprietary battery tech
But let’s be honest: unless a deep-pocketed OEM steps in or a surprise infusion lands soon, a fire sale or asset-stripping acquisition looks inevitable. The IP may still hold some value, but the business, as it stands, is broken.
Think Tank Verdict
At its best, Log9 was a symbol of what Indian deeptech could be. A company brave enough to engineer at the molecular level while everyone else was optimizing delivery ETAs. But deeptech is a high-stakes game. The product must fit the market. The margins must match the funding. And the burn must be backed by a defensible moat — not just vision.
Log9 tried to own the stack — manufacture the shovel, sell the land, and lease the gold mine. But in a market where buyers just wanted the cheapest pickaxe, the playbook collapsed. India still needs a homegrown battery tech winner. But unless a miracle arrives, Log9 may go down not as the Tesla of India — but as a cautionary tale about building deeptech in shallow markets.
Lessons For Entrepreneurs
Log9 had the tech, the money, and the momentum — but still hit a wall. Here's what their journey teaches us about building deeptech startups in India:
1. Deeptech ≠ Market Fit
LTO batteries were a technological marvel — faster to charge, safer in extreme heat, and designed for longevity. But in India’s commercial EV market, where buyers are fighting razor-thin margins, none of that mattered. Fleet operators didn’t ask “How safe is the chemistry?” They asked, “How cheap is the battery?”
Lesson: Even the best tech will fail if the customer doesn’t value it. Product-market fit isn’t about the tech curve — it’s about economic alignment. In India especially, price often beats precision.
2. Don’t Build the Full Stack Too Early
Log9 wanted to control everything — the cell chemistry, battery packs, charging infra (InstaCharge), leasing, financing, analytics, and fleet partnerships. The vision was clear: become the Intel + AWS + Uber of EV energy.
But full-stack means full burn. Each layer adds complexity, capex, and execution risk — especially when VC money is fueling a company not designed for VC pace.
Lesson: Owning the full stack sounds great in pitch decks, but in execution, it can be a death sentence unless you have deep pockets, wide margins, or time — Log9 had none of the three.
3. There’s No Perfect Playbook — Just Learning Loops
Log9 followed the script: Build proprietary tech, raise big money, go full-stack, partner with financiers, and scale fast. But markets don’t follow PowerPoint logic. Prices shift. Partners flake. Policies evolve. Tech gets outdated.
Lesson: Building a company is not chess — it's poker. You can’t win on theory. You win by reading the table, adjusting strategy, and surviving long enough to stay in the game.
Log9 set out to power India’s EV future with deeptech built for Indian roads. But bold bets on the wrong battery tech, a capital-heavy full-stack model, and market misalignment brought it crashing down. Its story is a sharp reminder: in deeptech, building the future means surviving the present. If this case study made you think, share it with someone who loves learning how ambition meets reality in the startup world.
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