International Battery Company raises $35M from RTP Global and others
The company plans to use the funds to expand its battery production capacity and enhance its products.
International Battery Company (IBC) has raised $35 million from investors including , , Veda VC, and other Korean and US investors.
IBC, which manufactures large-sized lithium-ion NMC (nickel manganese cobalt) batteries used in electric vehicles, plans to use the funding to expand its manufacturing plant, better its batteries, and add a layer of AI/ML technologies to enhance its products.
The funding will also help the company set up a new battery manufacturing facility in Bengaluru, which is slated to commence production by 2025.
"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 of IBC.
IIT Kanpur alumnus Panda founded IBC in 2022 in California, US, where the company's research and development (R&D) centre is based. IBC's main manufacturing facility is based out of South Korea.
The batteries currently produced by IBC are most commonly used in two- and three-wheelers, light commercial vehicles, and farm and industrial vehicles.
The company said it has signed deals with three partners to co-create and supply battery packs, but it did not specify the vehicle form factors they would be deployed in.
IBC's co-founders include Raj Singh (CRO), Venkatesh Valluri (President, IBC India), and Sasi Kuppannagari (COO).
Edited by Megha Reddy