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MUMBAI: International Battery Company, a product and technology company that specialises in the creation of eco-friendly, large-sized rechargeable Prismatic Li-ion NMC batteries has raised $35 million in fresh funding. This includes a Pre-Series A round led by RTP Global, and contributions from a broader investment base which includes Beenext, Veda VC and other strategic Korean and US Investors.
IBC has channeled this investment into a 50 MWh capacity manufacturing plant and has developed United Nations 38.3 and BIS certified, ready-for-delivery battery cells for the Indian market, reflecting the growing needs of India’s EV and energy storage sectors. These batteries will meet the region’s distinctive requirements, such as the need to operate safely in high temperatures, support fast charging capacities in democratised charging environments, and offer an extended lifecycle, with a 7-10 year warranty.
India’s EV market is expected to account for more than 40% of its automotive market and generate over $100 billion of revenue by 2030, according to a recent report by Bain & Co. IBC has currently focused its product development on batteries for two and three-wheelers, light commercial vehicles, and farm and industrial equipment targeting the small mobility sector. Embracing a collaborative ethos, IBC has also secured binding contracts with three partner customers to co-create and supply battery packs. “This funding is a powerful vote of confidence from our investors, accelerating our vision to transform the EV landscape,” said Priyadarshi Panda, founder & CEO at International Battery Company.
“IBC’s work in EV battery tech aligns perfectly with our mission to back transformative projects that have a positive impact on a global scale,” added Nishit Garg, partner on RTP Global’s Asia invest
IBC has channeled this investment into a 50 MWh capacity manufacturing plant and has developed United Nations 38.3 and BIS certified, ready-for-delivery battery cells for the Indian market, reflecting the growing needs of India’s EV and energy storage sectors. These batteries will meet the region’s distinctive requirements, such as the need to operate safely in high temperatures, support fast charging capacities in democratised charging environments, and offer an extended lifecycle, with a 7-10 year warranty.
India’s EV market is expected to account for more than 40% of its automotive market and generate over $100 billion of revenue by 2030, according to a recent report by Bain & Co. IBC has currently focused its product development on batteries for two and three-wheelers, light commercial vehicles, and farm and industrial equipment targeting the small mobility sector. Embracing a collaborative ethos, IBC has also secured binding contracts with three partner customers to co-create and supply battery packs. “This funding is a powerful vote of confidence from our investors, accelerating our vision to transform the EV landscape,” said Priyadarshi Panda, founder & CEO at International Battery Company.
“IBC’s work in EV battery tech aligns perfectly with our mission to back transformative projects that have a positive impact on a global scale,” added Nishit Garg, partner on RTP Global’s Asia invest
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