Cleantech startup BatX raises Rs 105 Cr in Series A round led by IvyCap Ventures
The startup will use the funding round to expand its recycling and refining capacity, strengthen R&D, and accelerate the development of a domestic supply chain for critical battery materials.
Gurugram-based cleantech startup BatX Energies has raised Rs 105 crore in a Series A round of funding led by IvyCap Ventures. The funding round also saw participation from existing investors Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, and JITO.
BatX Energies focuses on battery recycling, critical mineral recovery, and refining. It plans to use the funding round to expand its recycling and refining capacity, strengthen R&D, and accelerate the development of a domestic supply chain for critical battery materials.
"Many countries face the same challenge of securing domestic and sustainable supplies of critical minerals, and we believe BatX can play a meaningful role in enabling circular and resilient supply chains worldwide,” said BatX Energies Co-founder & CEO Utkarsh Singh.
BatX has developed proprietary technologies through which it recovers battery-grade materials from end-of-life batteries and manufacturing scrap, enabling their reintegration into the supply chain.
“Technology remains our strongest differentiator. With four granted patents and several more in the pipeline, we are focused on developing high-yield, cost-effective refining technologies that can scale globally,” said BatX Energies Co-founder & CTO Vikrant Singh.
According to the startup, as India scales electric mobility, renewable energy, and energy storage, securing strategic minerals such as lithium, cobalt, nickel, and graphite is becoming essential for national energy security and industrial growth.
IvyCap Ventures Founder & Managing Partner Vikram Gupta said, “India's energy transition depends on securing sustainable access to critical minerals. BatX has built a strong technology-led platform for recovering, refining, and reusing battery materials, addressing a challenge of both economic and strategic importance.”
BatX says it has demonstrated its technology at commercial scale and is already manufacturing and supplying critical raw materials back into the market. This is helping in the creation of a circular economy while reducing dependence on imported resources.
Edited by Swetha Kannan