A Sunnyvale battery developer is trying to bridge the demand-supply gap for the electric vehicle market in India, now with a fresh round of capital.
International Battery Company India Private Limited, a startup developing lithium-ion battery cells that also has operations in Bangalore, India, is hoping that the research and development it has done in Silicon Valley will help electrify roads in India. The company is banking on the fact it raised $35 million in fresh capital to lead that charge by expanding its manufacturing capabilities and research.
"This funding is a powerful vote of confidence from our investors, accelerating our vision to transform the EV landscape," said Priyadarshi Panda, founder and CEO of IBC. "We're not just preparing to meet the demand; we're actively shaping the market, driven by an engineering-first mindset and a sustainable product philosophy."
The company’s lithium-ion battery cells are designed to operate in the Indian market by being able to run safely in high temperatures and support fast-charging capabilities. Cells sold have a seven-to-ten-year warranty, the company said.
According to an analysis by TechCrunch, 1.5 million vehicles registered in India were EVs, the majority of which use lithium-ion or lithium iron phosphate batteries. And now with the country looking to electrify 30% of four-wheel vehicles and 80% of two-and-three-wheel vehicles come 2030, Panda said now is the time for IBC to infiltrate the market.
The cells IBC develops are supposedly certified by the United Nations, Scott Rosenblum, a company spokesperson, told the Business Journal.
IBC currently manufactures its battery cells in South Korea with plans to open another manufacturing plant in India. Last year the company signed a memorandum of understanding with the government of Karnataka, a southwest state, to build a 10-gigawatt manufacturing facility in the region by 2028.
IBC first plans to build a 2-gigawatt facility by 2025 and then expand to a larger facility spread across 100 acres and be an exact copy to the current plant in South Korea.
"As pioneers in giga-scale manufacturing in India, we are setting the pace in the market with precision, innovation, a deep understanding of Indian consumer needs, and a unique product based approach," Panda said.
It wasn’t until last month that the company received approval from the Bureau of Indian Standards, the country’s standard board, to begin selling its batter cells in the country. Following that approval, the company sent out its first shipment of commercial-grade cells.
The $35 million pre-series A round was led by RTP Global, with participation from Beenext, Veda VC and what the company classified as various strategic Korean and U.S. investors. This is the first funding round the company has raised, according to Rosenblum.
According to PitchBook Data, the company is in the process of raising a $70 million Series A round.
