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IBC secures $35 million to boost its India manufacturing unit expansion

Funding Alert

International Battery Company (IBC), known for its rechargeable lithium-ion batteries, has successfully raised $35 million (INR 291 million) in its Pre-Series A funding round led by RTP Global. Other participants in the funding round include Beenext, Veda VC and strategic investors from Korea and the US.

Specializing in the development of Prismatic-lion Nickel Manganese Cobalt large scale eco-friendly batteries, the company caters to customers in the small mobility sector in India. Founded by Priyadarshi Panda, Raj Singh, Venkatesh Velluri and Sasi Kuppannagari, IBC aims to revolutionize the EV landscape in India with its products.

Expressing his confidence in the company’s vision, Priyadarshi Panda, one of the founders, said, “This funding is a strong vote of confidence from our investors and accelerates our vision to transform the EV landscape. With the EV industry in India on the cusp of a revolution, IBC is poised to lead this energy transformation.

Nishit Garg, a partner in RTP Global’s Asia investment team, emphasized its commitment to investing in sustainable technologies through its investment in IBC.

The funding enabled IBC to expand its production capacity and implement advanced data systems. The company plans to replicate its South Korean plant in Karnataka with a target to start operations by 2025. Last year, IBC signed a memorandum of understanding with the Karnataka government to set up a lithium-ion manufacturing unit, investing INR 8,000 crore in a 100-acre plant in Bengaluru’s rural district. The plant is expected to begin production by 2025, with a target capacity of 10 gigawatts by 2028.

The recent round of funding reflects the growing interest in electric vehicles (EVs) in India, with both central and state governments supporting EV adoption. This has led to an increase in the number of EV and related startups in the country in recent years.

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