India, May 2 -- Amid the BluSmart-Gensol saga, which has become the new focal point for the debate around startup corporate governance lapses, the downfall of Log9 Materials has largely gone under the radar.

After raising more than $60 Mn from VCs and industry majors, Log9 has struggled to adapt to the shifting realities of the Indian EV battery market.

After multiple pivots and technology failures, the 2015-founded EV startup is now embroiled in legal battles with customers and burdened with mounting debt. Key decisions taken by the company around battery chemistries have proven to be strategic mistakes.

Under severe financial pressure since last year, Log9 has laid off the majority of its workforce, lost a cofounder and is in the pro...