International Battery Company raises $35 million led by RTP Global

IBC raises $35 million from RTP Global

International Battery Company (IBC) has raised $35 million in a Series A funding round led by RTP Global, the lithium-ion battery manufacturer said on a January 18.

The funding comes at a time when investors are betting big on the electric vehicle segment, with the government pushing for EVs to lower emissions as well as import bill.

"We're actively shaping the market, driven by an engineering-first mindset and a sustainable product philosophy. With the EV industry in India on the cusp of a revolution, IBC is poised to lead this energy transformation," founder and CEO Priyadarshi Panda said.

The round also saw contributions from Beenext, Veda VC as well as strategic Korean and US investors among others, the firm said in a statement to the media.

IBC will use the fund to augment its 50 MWh capacity manufacturing plant in South Korea and to develop United Nation’s 38.3 and BIS-certified, ready-for-delivery battery cells for the Indian market.

"These batteries will meet the region's distinctive requirements, such as the need to operate safely in high temperatures, support fast charging capacities in democratized charging environments, and offer an extended lifecycle, with a 7-10 year warranty," the firm said in the statement.

The firm will also utilise funds towards setting up robust data systems with AI/ML models for yield enhancement and will advance the progression of a copy exact.

IBC was founded in 2022 by  Panda, an alumnus of Massachusetts Institute of Technology (MIT) and the Indian Institute of Technology (IIT)-Kanpur.

IBC's research and development team works out of the Silicon Valley in the United States and production is done in South Korea.

The company is also setting up a new 2 GWh lithium-ion Giga factory in Bengaluru, which will commence production by 2025. The facility is part of IBC's vision to achieve a production capacity of 10 GWh by 2028, Panda said.