PE-VC Fund Investments
Battery recycler BatX Energies raises $11-M led by IvyCap Ventures
Economic times Entrackr the company
Gurugram-based BatX Energies has raised INR 105 crore (USD 11 million) in a Series A funding round led by IvyCap Ventures. The transaction included participation from existing investors Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, and JITO. The firm had earlier raised USD 5 million in a pre-Series A round in December 2023.Founded in 2020 by Utkarsh Singh and Vikrant Singh, the company operates a commercial-scale platform for battery recycling and the recovery of critical minerals. The company recovers materials, including lithium, cobalt, nickel, and graphite, from end-of-life batteries and manufacturing scrap and sells these in the market.The firm plans to use the new funds to expand its capacity, strengthen research and development, and accelerate the development of a domestic supply chain for battery materials. Additionally, the company is engaged in the development of cathode active materials for lithium-ion battery manufacturing.
In August 2023, BatX had attracted about USD 5 million from J&A Partners, Zephyr Peacock and others.For FY25, BatX Energies had reported about INR 33.23 crore in Operating Income and about INR 7.79 crore in Net Loss.
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