PE Fund Investments
EV-focused International Battery Company raises $35-M led by RTP
International Battery Company (IBC), a Delaware, USA-headquartered startup developing lithium-ion battery cells for electric vehicles in India, has raised USD 35 million. Led by RTP Global, the pre-Series A round saw participation from Beenext, Veda VC and various other Korean and US-based investors. The startup is looking to raise around USD 70 million in its Series A round.Founded by Priyadarshi Panda (CEO), Raj Singh (CRO), Venkatesh Valluri (president), and Sasi Kuppannagari (COO) in 2022, IBC specializes in manufacturing large-sized rechargeable Prismatic Li-ion Nickel Manganese Cobalt (NMC) batteries. The startup is targeting the small mobility sector comprising two- and three-wheelers, light commercial vehicles (LCV), and farm and industry equipment. It has a headcount of 100 people, including 75 running its factory operations in South Korea and 10–12 full-time employees and consultants in the US. It is currently hiring in India to expand its local team of half a dozen people. In 2023, IBC had signed a memorandum of understanding with the Karnataka government to build a 10GWh facility in Bengaluru by 2028. The startup initially looks to build a 2GWh facility in the state by 2025 spread across 100 acres.
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