IBC Secures $35 Million to Enhance Its Expansion of India Manufacturing Unit

• ByStartupStory     |    January 18, 2024

International Battery Company (IBC), known for its rechargeable lithium-ion batteries, has successfully raised $35 million (INR 291 crore) 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.

The company, which specializes in developing large-sized eco-friendly Prismatic-lion Nickel Manganese Cobalt batteries, 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.

Priyadarshi Panda, one of the founders, expressed his confidence in the company’s vision, stating, “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.”

Nishit Garg, a partner at RTP Global’s Asia investment team, emphasized their commitment to sustainable technology investments through their investment in IBC.

The funding has enabled IBC to expand its manufacturing capabilities and establish advanced data systems. The company plans to replicate its South Korean factory in Karnataka, aiming to commence operations by 2025. Last year, IBC signed an MoU with the Karnataka government to establish a lithium-ion manufacturing unit, investing INR 8,000 crore in a 100-acre facility in Bengaluru rural district. The plant is expected to begin production by 2025, with a targeted capacity of 10 gigawatts by 2028.

The recent funding round reflects the growing interest in electric vehicles (EVs) in India, with both the central and state governments promoting 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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