International Battery Company (IBC), which makes rechargeable lithium-ion batteries, has secured $35 Mn (INR 291 Cr) as a part of its Pre-Series A funding round led by RTP Global, with participation from Beenext, Veda VC and a few other strategic Korean and US Investors.
The company offers rechargeable batteries to its customers operating in small mobility sectors in India.
Founded by Priyadarshi Panda, Raj Singh, Venkatesh Velluri and Sasi Kuppannagari, IBC specialises in the development of large-sized ecofriendly Prismatic-lion Nickel Manganese Cobalt batteries.
“This funding is a powerful vote of confidence from our investors, accelerating 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,” Panda said.
“Our investment in IBC underscores RTP Global’s steadfast and ongoing commitment to sustainable technology investments…” said Nishit Garg, partner on RTP Global’s Asia investment team.
The funding has supported IBC’s manufacturing expansion and the establishment of advanced data systems.
IBC is planning to build the exact (South Korean factory) in Karnataka and make it operational from 2025.
In August last year, the US-based IBC inked an MoU with the Karnataka government to establish a lithium-ion manufacturing unit, investing INR 8,000 Cr in a 100-acre facility in Bengaluru rural district. The plant is set to commence production by 2025, with IBC targeting a capacity of 10 gigawatts by 2028.
The latest development comes at a time when the Centre as well as various state governments are promoting electric vehicles (EVs). This has resulted in a number of EV and related startups springing up in the country over the last few years.
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