Dr. Akshay Singhal’ Log9 Materials journey: From Deep Tech Innovation to Near Death Experience
In a cramped laboratory at IIT Roorkee in 2014, a retired scientist from the National Physical Laboratory in Delhi was setting up equipment he had purchased with his own money.
"He said that, okay. I can come to Roorkee every weekend, and maybe we can start doing some experiments in one of the labs if you can arrange. So I spoke to one of the head of departments of nanotechnology center, and then when we were able to get a empty lab, he actually brought some equipment and chemicals on his own expense to the lab."
This wasn't just family bonding. It was the genesis of what would become Log9 Materials, a company that would raise over $90 million, achieve a valuation of $230 million, and pioneer India's indigenous battery technology revolution. The young man conducting those weekend experiments was Dr. Akshay Singhal, who would go on to transform his grandfather's investment in curiosity into one of India's most ambitious deep-tech ventures.
This article is based on insights from the Founder Thesis podcast hosted by Akshay Datt, where Dr. Singhal shared his entrepreneurial journey in detail.
Check out the video of the conversation here or read on for insights.
The Materials Science Awakening
Singhal's journey into entrepreneurship began not with a business plan, but with a profound realization during an internship in Canada. Spending three months in what he calls "the most idle time of my life," he confronted a fundamental question about the purpose of research.
"One thing I realized was that while I'm drawn towards research, but academic research is just too inconsequential and boring at least than what I saw around me. And I said that if I have to do some meaningful work, then there has to be a venture which can support new inventions, new products, and that can fuel more research happening going forward."
This philosophical shift from pure research to applied innovation would define Log9's entire trajectory. By April 2015, just one month after graduating from IIT Roorkee, Singhal had incorporated Log9 Materials, making it the first startup to be incubated by the institute's business incubator TIDES.
The company's initial focus was graphene, a revolutionary material that Singhal describes with characteristic precision:
"It is basically the simplest way of producing graphene is chiseling down graphite. So basically graphite has a layer such as a basically what you can imagine that you take a stack of printing paper like a four size sheets, that stack is resembles graphite. And if you pull out one sheet out of it, that is basically graphene."
But graphene, despite its remarkable properties - being one million times thinner than paper and 200 times stronger than steel - presented a classic deep-tech challenge: extraordinary capabilities in search of profitable applications.
The Pivot Chronicles: From Wonder Material to Real Solutions
Log9's evolution reflects the messy reality of hardware innovation. The company's journey through multiple strategic pivots - from graphene products to aluminum-air fuel cells to lithium-ion batteries - reveals how even breakthrough technologies must find their market fit.
During COVID-19, when most startups were cutting costs and laying off employees, Singhal made a contrarian decision that would prove pivotal for his company's future.
"I put my foot down and said that, no. We're not doing this. These are engineers which are capable of many more things, and the nation or the entire globe is under stress. So why not develop something which is beneficial for the requirement at this time?"
The result was the "Corona Oven," a UV disinfection device that Log9 developed from concept to market in just 14 days. The product achieved 70% market share within a quarter and was deployed everywhere from Bangalore airport to the Prime Minister's office. More importantly, it taught Singhal's team the value of speed-to-market and commercial validation.
"That gave us an idea that this battery that we're developing as part of the aluminum fuel cell largest stack, this component itself has a huge application in the Indian context, and it can go into the small vehicles like two wheelers, three wheelers, and solve the challenges that we have out there."
The Battery Breakthrough: Engineering for India's Reality
Singhal's insight into battery technology came from understanding a fundamental limitation of fuel cells. As he explains with an analogy that makes complex electrochemistry accessible:
"Any kind of fuel cell system always will give you a constant energy. It it cannot increase and decrease on demand. So it will always give you constant energy. And but if you're driving a vehicle, you would imagine that you are accelerating, deaccelerating, breaking, you're stopping. So your energy requirement cannot be constant."
This realization led Log9 to focus on lithium-ion batteries, but with a crucial difference: they engineered their solutions specifically for Indian conditions. The company's RapidX battery technology addresses three critical problems that plagued existing EV batteries in India:
Charging Speed: Log9's batteries charge in 15-30 minutes versus the industry standard of 4-5 hours
Lifespan: Their batteries last 20+ years compared to the 2-2.5 years typical of imported batteries in Indian conditions
Performance Consistency: Load-bearing capacity remains constant whether the battery is 100% charged or 1% charged
The technical breakthrough came through nano-engineering the battery's internal structure. Singhal explains it with another vivid analogy:
"What we have done is that we have nano engineered this wall in front of you so that, a, as the bullets are coming, it does not break. It can cache those bullets into its structure and then back to the wall is not breaking. That basically there is less heat generation. So these batteries are far more safer. And because it is not getting broken, it will last much longer."
The Business Model Revolution: Batteries as a Service
Perhaps Log9's most innovative contribution isn't technical but financial. The company pioneered Battery-as-a-Service (BaaS) in India, fundamentally changing how commercial vehicle operators think about EV adoption.
"While our battery doesn't need to be solved because we charge very quickly, but what we are doing is delinking the battery financially from the vehicle. So can pay for the vehicle upfront and for the battery part of it, you can pay a lease or rental in that sense."
This model addresses a critical barrier to EV adoption: the high upfront cost of batteries, which can represent 40-50% of an electric vehicle's price. By offering subscription-based battery access, Log9 removes the largest financial obstacle to electrification while retaining ownership of the asset with the longest lifespan.
The business model's effectiveness is evident in the results. Omega Seiki Mobility, Log9's partner, rose from the 5th position to the 1st position in India's electric three-wheeler cargo category within just four months of deploying Log9's batteries.
The Charging Infrastructure Play
Log9's platform approach extends beyond batteries to charging infrastructure. Despite not manufacturing charging stations themselves, the company controls "the largest fast charging infrastructure in the country" through guaranteed utilization agreements.
"Before we went commercial, there were only three hundred odd charges, some three hundred change charges deployed all over the country, which can support rapid charging and fast charging. And within six months of and this happened over the last three, four years. And with our consolidation happening within the matter of six months, we were able to put two hundred additional of them."
This ecosystem approach - connecting battery technology, vehicle deployment, and charging infrastructure - demonstrates the systems thinking required for successful deep-tech ventures.
The Funding Journey: From Incubation to Strategic Partnerships
Log9's funding trajectory reflects the evolution of India's deep-tech ecosystem. The company has raised over $90 million across 16 rounds, with strategic partnerships becoming increasingly important as the company matured.
Key milestones include:
2019: $3.5 million Series A led by Sequoia Capital Surge and Exfinity Venture Partners
2021: $8.5 million Series A+ led by Amara Raja Batteries
2023: $40 million Series B led by Amara Raja Batteries and PETRONAS Ventures
Current valuation: ₹1,900 crore ($230 million) as of May 2024
The Amara Raja partnership proved particularly strategic. As Vikramaditya Gourineni, Executive Director at Amara Raja Batteries, noted: "Battery manufacturing is the most critical part of the value chain that needs to be localised, and batteries designed in India for India will pave the way."
The Financial Performance: Revenue Growth Amid Challenges
Log9's financial trajectory shows both the promise and perils of deep-tech scaling:
FY21: ₹7.5 crore revenue
FY22: ₹24.7 crore revenue (3.3X growth)
FY23: ₹74.43 crore revenue
FY24: ₹110.37 crore revenue (48% growth)
However, rapid revenue growth came with mounting losses and operational challenges. The company's ambitious vertical integration strategy - from cell manufacturing to battery production to EV leasing - required significant capital investment that strained resources.
The Sustainability Question: Not All EVs Are Green
Singhal's commitment to honest analysis extends to uncomfortable truths about electric vehicles' environmental impact. His calculation challenges the conventional wisdom about EV adoption:
"A typical car let's say, Taran Exxon, for example. Right? A Taran Exxon was EV was a Taran Exxon petrol. It will take you hundred thousand kilometers before an EV becomes greener than a petrol. That is primarily because a batteries are ready to manufacture. And b, even today, seventy percent of the energy anywhere in the in the country is coming from burning coal."
This insight led Log9 to focus exclusively on commercial vehicles, which typically cover 120-130 kilometers daily compared to personal vehicles' 30-40 kilometers average. Commercial vehicles reach the sustainability break-even point through higher utilization, making the environmental case for electrification more compelling.
The Manufacturing Challenge: Building India's Battery Independence
Log9's ₹150 crore cell manufacturing facility in Bengaluru represents India's push toward battery independence. The company's integrated approach covers the entire value chain from electrode material synthesis to cell fabrication to battery pack assembly.
The technical complexity is immense. As Singhal explains the manufacturing process:
"You create formulations. You could put suspension of it. You get a battery, then you coat that onto the foil, which is very similar in vehicle shape and form like a kitchen foil, and then coat that, combine videos together, put it inside a kit, fill the electrolyte, and then see it. So that's the process of it, and it has to happen in a very controlled environment. It can there can be no dust. There can be no moisture."
The Current Reality: Challenges and Restructuring
Despite its technological achievements and strategic partnerships, Log9 has faced significant challenges in 2024. The company experienced a severe cash crunch, leading to debt of over ₹200 crore, substantial layoffs, and the departure of co-founder Kartik Hajela in December 2024.
These challenges reflect broader trends in the deep-tech ecosystem: long development cycles, capital-intensive scaling, and the difficulty of achieving profitability while investing in next-generation technology. Jupiter Electric Mobility's acquisition of Log9's railway and e-truck battery divisions in October 2024 represents the company's efforts to focus resources on its core business.
Industry Context: India's EV Battery Ecosystem
Log9 operates in an increasingly competitive landscape. Key competitors include:
Exponent Energy: Focusing on 15-minute charging solutions with cell-agnostic technology
Ather Energy: Vertically integrated approach with proprietary battery packs
Traditional players: Exide Industries, Amara Raja Batteries expanding into lithium-ion
Emerging startups: The Energy Company, Battrixx, and others targeting specific market segments
The Indian EV battery market, valued at $56.4 billion in 2022, is projected to reach $134.6 billion by 2027, representing a 19.9% CAGR. With government support through PLI schemes and Make in India initiatives, the sector is positioned for significant growth.
Lessons for Deep-Tech Entrepreneurs
Log9's journey offers valuable insights for aspiring deep-tech founders:
Technology alone isn't enough: Even breakthrough materials like graphene need viable commercial applications
Market timing matters: The COVID pivot demonstrates the importance of reading market needs
Systems thinking required: Success in hardware requires understanding entire ecosystems, not just individual components
Capital efficiency is critical: Deep-tech ventures must balance innovation investment with path to profitability
Strategic partnerships essential: Relationships with industry players can provide both capital and market access
The Path Forward: Redefining Success in Deep Tech
As Log9 navigates its current challenges, Singhal's vision remains focused on India's energy independence and climate goals. The company's technical achievements - fast-charging technology, tropical climate optimization, and indigenous manufacturing capabilities - represent genuine innovations that address real market needs.
The broader question for India's deep-tech ecosystem is whether patient capital and strategic thinking can support the long development cycles required for breakthrough technologies. Log9's story - both its successes and struggles - provides a case study in the complexities of building hardware companies in emerging markets.
Whether Log9 emerges stronger from its current restructuring or becomes a cautionary tale about deep-tech scaling, Singhal's journey from weekend laboratory experiments to pioneering India's battery revolution demonstrates the audacity required to tackle civilizational challenges through technology and entrepreneurship.
The company's impact extends beyond its own commercial success. Log9 has facilitated the installation of hundreds of fast-charging stations, enabled thousands of commercial vehicle electrifications, and demonstrated that Indian companies can compete in advanced battery technology. These contributions to India's EV ecosystem represent progress toward the larger goal of energy independence and climate action.
What do you think about Log9's approach to building battery technology specifically for Indian conditions? Have you seen similar examples of companies adapting global technologies for local markets? Share your thoughts in the comments below!
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