International Battery Company (IBC), a prominent manufacturer of rechargeable lithium-ion batteries, has successfully raised $35 million in its Pre-Series A funding round. The funding was led by RTP Global, with the participation of investors such as Beenext, Veda VC, and strategic backers from Korea and the United States.
IBC, founded by Priyadarshi Panda, Raj Singh, Venkatesh Velluri, and Sasi Kuppannagari, specializes in the development of large-sized eco-friendly Prismatic Li-ion Nickel Manganese Cobalt batteries. The company serves customers in the small mobility sector in India, providing cutting-edge rechargeable battery solutions.
“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,” commented Priyadarshi Panda.
The funding injection will facilitate IBC’s ongoing manufacturing expansion initiatives and the establishment of advanced data systems. The company is set to replicate its successful South Korean factory model in Karnataka, with plans to make the facility operational by 2025.
Last August, IBC signed a Memorandum of Understanding (MoU) with the Karnataka government, committing to the establishment of a lithium-ion manufacturing unit. The company will invest INR 8,000 crore in a 100-acre facility located in Bengaluru rural district. The plant aims to commence production in 2025, with IBC targeting a capacity of 10 gigawatts by 2028.
Nishit Garg, Partner on RTP Global’s Asia investment team, highlighted their commitment to sustainable technology investments, stating, “Our investment in IBC underscores RTP Global’s steadfast and ongoing commitment to sustainable technology investments.”
This development aligns with the broader trend of increasing support for electric vehicles (EVs) from both the Indian government and various state authorities. The EV industry has witnessed substantial growth in recent years, leading to the emergence of several startups in the electric mobility and related sectors.
