Nunam Technologies is a Bengaluru-based Indian startup that repurposes used lithium-ion and EV batteries into second-life energy storage systems.

This Startup Deep Dive explains what Nunam does, how it makes money, who backs it, how it compares with rivals and what could go wrong, using publicly available information. It is educational and not investment advice. Last updated: October 2026.

Nunam in Brief

• What it is: Nunam is an Indian Second-life EV battery and energy storage company based in Bengaluru.
• Who it serves: businesses, institutions, consumers, learners and public-sector buyers.
• Builds second-life battery systems from discarded laptop cells and used EV batteries.
• First prototype was a 12V unit with up to 18Ah capacity made of 28 salvaged laptop cells, each tracked with serial number and GPS.
• Units power lights, phones and low-wattage devices for small vendors and shops.
• Funding: Not disclosed in public sources reviewed.

Nunam Quick Facts

Figures marked “reported” come from published reports and may differ between sources; “Not disclosed” means no reliable public figure was found.

What Is Nunam?

Nunam operates in the Second-life EV battery and energy storage space in India. Understanding a company like this starts with three questions: who is the customer, what painful problem is being solved, and why the solution is better than the alternatives. The sections below apply that lens to Nunam.

• Builds second-life battery systems from discarded laptop cells and used EV batteries.
• First prototype was a 12V unit with up to 18Ah capacity made of 28 salvaged laptop cells, each tracked with serial number and GPS.
• Units power lights, phones and low-wattage devices for small vendors and shops.
• Partners with Orxa Energies to extend the life of Mantis electric motorcycle batteries and create a buyback mechanism.

The Origin Story of Nunam

Every company starts from a noticed gap and a team willing to commit to closing it. Strong origin stories are specific: a clear problem, a founding team with relevant skills, and an early product that real customers could test. Founder-market fit, meaning the team’s lived experience or technical depth in the domain, tends to predict how fast a young company learns.

• Founders: Darshan Virupaksha, Prodip Chatterjee.
• Founders met in 2017 at IKP Eden in Bengaluru: Darshan Virupaksha (electronics engineer) and Prodip Chatterjee (strategy consultant).
• Name means for the future in Sanskrit; built on circular economy principles.
• Earlier name reported as Imbuo Explorations in one directory.

Key Milestones and Challenges

No startup grows in a straight line. Early years usually involve slow adoption, product rewrites, hiring mistakes and funding gaps. In the Second-life EV battery and energy storage sector the common turning points are a first paying customer, a regulatory approval, a successful product demonstration or a funding round that lets the team invest ahead of demand. How a team responds to setbacks says more about resilience than any single headline.

• 2019 (May): Research grant from Audi Environment Foundation after over 150 proposals to CSR groups.
• Won first place in a Pulse India competition.
• EV-battery unit developed with TERI powers about 40 shops in Amethi, Uttar Pradesh.
• Partnership with Orxa Energies on Mantis battery lifecycle.

Nunam Funding and Investors

Funding history shows how much outside confidence a company has attracted and how long it can operate before needing more capital. Figures below are reported and may differ between sources; valuation figures are estimates unless the company has confirmed them.

• May 2019: Research grant from Audi Environment Foundation (amount not stated).

How Does Nunam Make Money? (Business Model)

A business model describes who pays, how often and how much it costs to serve them. Strong models show repeat usage, improving margins with scale and acquisition channels that do not depend only on paid spend. Weak models show one-off sales, rising costs and growth that stops when spending stops. For companies selling to businesses, institutions, consumers, learners and public-sector buyers, sales cycles and contract size matter as much as headline growth.

• Supplies second-life storage units to low-income users and shops at low daily cost (about Rs 5 per day per shop in Amethi).
• Partnership model with OEMs for battery buyback and reuse.
• Grant and corporate foundation funding in early years.

The Numbers: Nunam Financials

Financial figures show whether growth is turning into a self-sustaining business. Small and private companies often disclose little, so any number below is included only if it was found in public reporting.

• Audited revenue, profit and loss figures for Nunam were not available in the public sources reviewed.
• Readers can check the company’s filings with the Registrar of Companies for the latest financial statements.

Market Opportunity for Nunam

Market size is easy to exaggerate, so a useful approach separates the total market from the portion a company can realistically reach with its current product and distribution. The main forces behind demand in this sector are rising digital adoption, cloud and mobile penetration, growing enterprise technology spending, government digitisation programmes and a deep pool of engineering talent. Each of these widens the opportunity, but capital efficiency and execution decide who captures it.

• Growing volume of retired EV batteries creates a reuse opportunity.
• Off-grid storage, micro-grids and small vendors are early target uses.

Technology and Product at Nunam

Technology is rarely the whole moat, but it drives speed, cost and customer experience. A practical way to assess it is to separate the capability the company controls from the commodity infrastructure it rents. In this sector the important factors are product quality, data and integration depth, security, scalability and the speed of shipping improvements.

• Cell-level testing and repackaging of used lithium-ion cells with tracking.
• Claims reuse can cut energy cost by about 50% versus new lithium-ion batteries and reduce CO2 footprint by about 40% for Mantis batteries.

Team and Culture at Nunam

Teams are the most important and least measurable asset of a young company. Look at how complementary the founders’ skills are, how deep the second layer of leadership is, and how the company hires and retains specialists. Culture shows up in small repeated behaviours: how quickly bad news travels upward and whether commitments to customers are kept.

• Darshan Virupaksha, co-founder.
• Prodip Chatterjee, co-founder, who moved from Germany to Bengaluru.

Nunam Competitors: Competitive Landscape

A fair competitive analysis names direct rivals, adjacent players who could move into the space, and the customer’s default alternative. Durable advantages include proprietary data or technology, licences and approvals, brand trust, switching costs and cost leadership.

• Direct competitors of Nunam vary by product line; a verified rival comparison was not available from public sources.
• What to compare: Product readiness, pricing, customer base, funding runway and regulatory standing.

Risks and Challenges for Nunam

• Dependence on grants and partner programmes.
• Second-life battery safety and performance variability.
• No disclosed revenue or venture funding found.
• Competition: low barriers to entry and well-funded rivals can compress pricing and slow growth.
• Funding risk: technology businesses often burn cash before reaching profit and depend on investor appetite.

Risk is not a reason to avoid a company; it is a reason to price it correctly and to monitor the right indicators over time. Regulation in this sector is shaped by data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules.

Nunam Growth Outlook: What to Watch

• Expanding OEM partnerships and renewable storage uses.
• Key indicators: recurring revenue, customer retention, gross margin, customer acquisition cost and runway.
• Funding position: Whether Nunam can reach its next milestone before needing new capital.
• Regulation: Changes from data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules.

Industry Context: Where Nunam Fits

India's technology startup ecosystem is one of the largest in the world, supported by cheap data, a large base of smartphone users, digital public infrastructure and a deep engineering talent pool. Companies now build for education, software, mobility, logistics, agriculture, defence, media and more, selling both to Indian customers and abroad.

Durable technology companies usually combine a clear customer problem with repeatable distribution and disciplined unit economics. Growth funded only by spending tends to fade, while products that customers keep using and paying for build compounding advantages.

For readers new to this field, a useful habit is to separate announcements from evidence. A plan, a partnership or a funding headline describes intent, while a delivered product, a paying customer or an audited financial statement describes results. Comparing the two over time shows how reliably a company turns promises into outcomes.

Bull Case and Bear Case for Nunam

An investment thesis is a short, testable statement of why a company could become far more valuable, together with what evidence would prove it wrong. The points below are general to this sector and are not forecasts for Nunam.

Bull case

• A large and growing base of digital users and businesses expands the addressable market.
• Recurring revenue and strong retention can compound growth.
• Selling into global markets widens the opportunity beyond India.

Bear case

• Heavy competition can compress pricing and margins.
• Dependence on external funding can force painful cost cuts.
• Regulation or platform changes can disrupt a product quickly.

Lessons Founders and Investors Can Take from Nunam

Studying a company in the Second-life EV battery and energy storage space offers lessons that go beyond any single firm. The points below are general lessons for the sector and are not claims about Nunam.

• Solving a clear, frequent customer problem matters more than adding features.
• Retention and repeat usage are better health signals than sign-ups.
• Disciplined spending extends runway and keeps options open when funding tightens.
• Distribution, not just product quality, decides who wins in crowded markets.
• Building trust through data protection and reliability is part of the product.

How to Evaluate Nunam as a Startup

• Customer clarity: Can Nunam name its customer and the problem it solves in one sentence?
• Evidence of demand: Look for repeat customers, signed contracts or measurable usage rather than announcements alone.
• Economics: Check whether margins improve as volume grows.
• Execution: Compare announced timelines with what has actually been delivered.
• Funding runway: Estimate how long current capital lasts at the present spending rate.
• Regulatory standing: Confirm required approvals are in place.
• Customer concentration: Check whether a few customers account for most of the revenue.
• Management depth: Look for experienced leaders beyond the founders and a stable core team.

The Takeaway

Nunam is part of India’s growing Second-life EV battery and energy storage ecosystem. The useful lesson from studying it is the discipline of asking structured questions about customers, economics, advantage and resilience. Companies that answer them well, repeatedly and under pressure are the ones that endure. Readers should treat any single report, ranking or funding headline as one input among many, and should re-check key facts against recent company announcements. Because public information on young companies is often limited, patience in verifying claims is part of good analysis. Public sources can also describe the same company in different ways, so it is worth checking dates, definitions and whether a figure refers to revenue, total income or transaction value, and whether it covers one entity or a wider group, before drawing conclusions. Small differences in rounding, currency conversion or reporting periods can also change how a figure reads. Comparing the same figure across several recent reports helps show whether it is stable or has changed over time. This article is educational and is not investment advice.

• Clear customers and repeat demand matter more than announcements.
• Regulation and capital needs shape how fast a startup in this sector can grow.
• Track a few leading indicators over time rather than one headline metric.

Nunam FAQs: Frequently Asked Questions

What is Nunam?

Nunam Technologies is a Bengaluru-based Indian startup that repurposes used lithium-ion and EV batteries into second-life energy storage systems. It is profiled in the Startup Deep Dive series, which explains business model, funding, competitors and risks.

Who founded Nunam?

Nunam was founded by Darshan Virupaksha, Prodip Chatterjee, and the company reports a founding year of 2018 (reports differ: 2018 or 2019).

How much funding has Nunam raised?

No reliable total funding figure is disclosed in the public sources reviewed. Funding figures are reported and may differ between sources, so readers should check the latest company announcements.

How does Nunam make money?

Nunam earns revenue from its Second-life EV battery and energy storage products and services sold to businesses, institutions, consumers, learners and public-sector buyers. The exact revenue mix is described in the business model section and is not fully disclosed publicly.

Who are the competitors of Nunam?

Competitors of Nunam depend on the specific product line. A verified comparison was not available, so see the evaluation checklist above.

What are the main risks for Nunam?

Main risks include competition: low barriers to entry and well-funded rivals can compress pricing and slow growth, funding and capital needs, competition and regulation by data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules. This is educational content, not investment advice.

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Source

Source: Publicly available data, published reports, industry research, and other credible sources.