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 raises $35M from RTP Global and others

Thursday January 18, 2024,

2 min Read

International Battery Company (IBC) has raised $35 million from investors including RTP Global, BEENEXT, 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