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International Battery Company Charges Up India's EV Revolution with $35M Boost

International Battery Company (IBC) has successfully secured a formidable $35 million in a Pre-Series A funding round
By Josefina Dipaolo
January 23, 2024

In a dynamic move set to fuel India's electric vehicle (EV) ambitions, International Battery Company (IBC) has successfully raised an impressive $35 million in a Pre-Series A funding round. Led by RTP Global and joined by investors like Beenext and Veda VC, this strategic investment signifies a strong vote of confidence in IBC's capability to tackle the distinctive challenges of India's rapidly growing EV market.

IBC focuses on large-sized Prismatic Li-ion NMC batteries, tailor-made for Indian conditions. These batteries shine in critical aspects: excelling in safety under high temperatures and supporting fast charging, crucial factors for India's diverse climate. With a robust 7-10 year warranty, durability and extended lifespan add significant value, ensuring customer satisfaction and peace of mind.

Beyond performance, IBC places sustainability at its core. Embracing fully recyclable and reusable components, IBC aligns seamlessly with India's environmental goals, minimizing its ecological footprint.

IBC strategically targets the small mobility sector, crafting batteries for two and three-wheelers, light commercial vehicles, and farm and industrial equipment. By fostering collaborative partnerships with undisclosed clients, IBC customizes battery packs, driving customer satisfaction and continuous innovation.

To meet the burgeoning demand and power their expansion, IBC is rapidly scaling up manufacturing. While their South Korean facility currently produces UN-certified batteries for India, the future holds big plans. A massive 2 GWh Gigafactory is on the horizon in Bengaluru by 2025, propelling IBC toward a lofty goal of achieving a 10 GWh production capacity by 2028.

Guiding IBC's trajectory is founder and CEO Priyadarshi Panda, an MIT and IIT Kanpur alumnus with extensive expertise in micro and nanoscience. The company boasts a global team of nearly 100 professionals drawn from prestigious companies, positioning IBC for success in the evolving EV landscape.

Panda expressed confidence in the funding round, stating, "This funding is a powerful vote of confidence... 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."

Nishit Garg, Partner at RTP Global, highlighted their commitment to sustainable technology investments, stating, "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."

As IBC dedicates itself to addressing market needs, focuses on sustainable solutions, and unfolds ambitious expansion plans, it emerges as a key player in India's shift towards electric mobility. While the road ahead is unwritten, IBC's strategic dedication positions it as a noteworthy contender in shaping India's EV revolution.

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