International Battery Company raises $35 million, plans to set up Giga factory in Bengaluru

International Battery Company (IBC) raises $35 million to expand manufacturing capabilities and develop eco-friendly batteries for India's EV market.

International Battery Company (IBC), a product and technology company that makes eco-friendly, large-sized rechargeable Prismatic Li-ion NMC batteries, has raised $35 million. This includes a Pre-Series A round led by RTP Global, and contributions from a broader investment base comprising Beenext, Veda VC, and other strategic Korean and US Investors.

The funds would enable the expansion of IBC’s manufacturing capabilities, including setting up data systems with AI/ML models for yield enhancement and advance the progression of a new Giga factory in Bengaluru. The factory is expected to commence production by 2025, following an MoU with the Karnataka government in August 2023 for 100 acres of land adjacent to the city.

The investment has also been channelled into a 50 MWh capacity manufacturing plant which develops United Nations 38.3 and BIS certified, ready-for-delivery battery cells for the Indian market. 

It is expected that these batteries would meet the region’s distinctive requirements, such as the need to operate safely in high temperatures, support fast charging capacities in democratised charging environments, and offer an extended lifecycle, with a 7 to 10-year warranty.

IBC’s research and development takes place in the Silicon Valley, United States, with production happening at a manufacturing facility in South Korea. Batteries produced there are shipped to India. The company claims that its highly eco-friendly products use components that are fully recyclable and reusable.

“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. 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,” said Priyadarshi Panda, Founder and CEO at IBC.

India’s EV market is expected to account for more than 40% of its automotive market and generate over $100 billion of revenue by 2030, according to a recent report by Bain & Co. IBC has currently focused its product development on batteries for two and three-wheelers, light commercial vehicles, and farm and industrial equipment targeting the small mobility sector.