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International Battery Company , a startup develop lithium - ion battery cells for galvanising fomite , has raised $ 35 million as it contrive to bridge over the demand - supply break in the growing EV grocery store in India .
lead by RTP Global , the pre - Series A round saw participation from Beenext , Veda VC and various strategic Korean and U.S. investors . It comes before of a bigger round in which the inauguration is seem to evoke around $ 70 million , TechCrunch entirely pick up and confirmed .
India is base to more than 3.5 million electron volt , with nearly one-half of them being galvanic two - wheel horse and less than 10 % four - wheelers , while the rest consist of e - rickshaws , three - bicycler and a small bit of electric jalopy , per the data available on the Indian government ’s Vahan portal . The turn are insignificant , as more than 23 million fomite were sold in the land in 2023 alone .
However , the ploughshare of EVs in the market is bear to develop thanks to raw regulations and incentives offered to manufacturers . New Delhiaims to limit internal combustion locomotive engine ( ICE ) vehicles by electrifying30 % of its intact four - wheeler theme and 80 % of its two- and three - wheeler market by 2030 .
International Battery Company sees an chance in that shift .
presently , EV batteries used in the Indian market are import — mainly from China — leading to base hit and sustainability concerns . These battery pack are not plan adequately based on local circumstance nor befittingly manufacture to resist wear and binge . This has even led to some instances of galvanising two - cyclist catching fire . International Battery Company touts to address these issues and fulfill both the current and plan demand of EV batteries in the country with its in - firm Li - ion barrage fire cells .
“ There is a lot of need in the Amerindic securities industry , which is slaked through imports right now . No cells are being invent in India . So , we want to take part in that journeying in India , ” Priyadarshi Panda , laminitis and CEO of International Battery Company , told TechCrunch in an audience .
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Setting up stage for local manufacturing
The Sunnyvale , California - headquarter inauguration , which was ground by Panda in 2022 , specializes in manufacturing its tumid - sized rechargeable Prismatic Li - ion Nickel Manganese Cobalt ( NMC ) batteries . The startup is targeting the small mobility sphere comprising two- and three - Sir Mortimer Wheeler , sluttish commercial-grade vehicle ( LCV ) , and farm and industry equipment .
The inauguration research and develops its stamp battery applied science in Silicon Valley and produces Li - ion cell at its 50MWh capacitance manufacturing plant in South Korea , which are specifically design for the Indian market — meeting the requirements to operate safely in mellow temperature , support fast - charging capableness and offer up lengthened lifecycles , with a 7- to 10 - year warranty .
The facility , which produces United Nations 38.3 standard - based Li - ion NMC barrage fire cells that are fully recyclable and reclaimable , helped the inauguration make its first commercial-grade shipment this month . The startup received certification from India ’s stock consistency , the Bureau of Indian Standards ( BIS ) , in December to part sell its EV barrage cellular telephone in the country .
Alongside manufacturing in South Korea , International Battery Companysigned a memorandum of reason with the authorities in the southerly state of Karnataka last twelvemonth to build a 10GWh installation in Bengaluru by 2028 . The inauguration ab initio attend to construct a 2GWh adroitness in the State Department by 2025 spread across 100 acres that will be a “ transcript exact ” of its existing Korean factory .
Panda , an IIT Kanpur and MIT alum who forge as a elderly process engineer at Intel , productiveness lead-in at Lam Research and a director at Applied Materials , has more than 980 worldwide credit from seven research issue and 12 granted U.S. patents . He has previously helped establish a Prismatic phosphate - base atomic number 3 - ion gigafactory in New York and a Prismatic lithium - ion NMC mill in Korea . Based on his experience , the executive plan to arise International Battery Company ’s facility in India .
The inauguration has already start out conversation with investors on raising its Series A round of around $ 70 million to execute plans to build its gigafactory in India , TechCrunch learned .
When asked , Panda confirmed the additional fundraising plans . He stated the startup would attain 30 % to 50 % of its $ 35 million funding goal with its product being qualified and reach initial customer . The rest of its funding direct to originate a data system with AI and ML algorithms to better output — before getting to the next troll .
“ As the funding is a foresighted cognitive operation , we are trying to just feel the mart , see who would be the right kind of partners to primarily turn on the carrying out plan of the India gigafactory , ” he said . “ We are proactively preparing for the execution of building the gigafactory in India , which we will do with the additional fundraising . ”
Distinctive edge
Notably , International Battery Company is not alone in building Li - ion battery readiness in India . Companies including the Indian salt - to - software program empire Tata Group , South Korean automaker Hyundai , Vietnamese EV manufacturer VinFast and Bengaluru - based electric two - wheeler manufacturing business Ola Electric have also herald their plans to build EV electric battery facility in the body politic . Similarly , the orbicular EV market has BYD , LG Energy Solution , SK Innovation , and Panasonic , among major companies , in battery fabrication . notwithstanding , Panda said International Battery Company ’s approach of being Li - ion product company spend a penny them dissimilar from the competition , as it designs cells keeping in mind the requirements of Amerindic consumers .
“ We are an ecosystem participant , along with other instrumentalist who have foretell plans for building Li - ion cell gigafactories in India . And together , we will enable resolution for the destruction customer … and together we can wreak the upstream note value chain , be it the powders , separators , electrolyte , all the components , the entire time value chain in EV , ” Panda articulate .
The product - tailor approach by International Battery Company convert RTP Global to exit the deal amid theongoing market slowdownand a growing course where VC firms mostly avoid putting billion of dollars into startup yet to generate revenue .
“ Many people have been attempt to build batteries for India in the last four or five year , even the bighearted guys . But there has n’t been any meaningful production at this stage that anybody has been able-bodied to reach out to because it ’s a very , very complex mathematical product , ” Nishit Garg , partner at RTP Global , tell TechCrunch . “ The [ International Battery Company ] founders , and the way of life they have approached so far is just very different from a lot of others . They have been grounded and are quite focused on execution rather than making news about it . ”
The initial target of International Battery Company is to serve customers in India , and it has already started working with two of the three customers on board that are in the two- and three - wheel horse segments . In the next round of drinks , Panda told TechCrunch the plan is to work with industrial and farm equipment manufacturer . Based on these learnings , the inauguration search to gradually grow battery jail cell for the large mobility segment , beginning with double-decker and truck and later expand to electrical cars . It also aspires to expand its horizons beyond India as it progresses .
“ Once we , with a focused approach , penetrate and provide compelling solution to the customer base in India , primarily in the little mobility sector , be in the two - wheeler , three - Sir Mortimer Wheeler , LCV , farm and industry equipment , then we will wait at other marketplace such as Korea , North America , and Europe , ” Panda said .
Although the executive did not disclose the name of any customers , International Battery Company mentioned in one of its late presentations to investors , which TechCrunch singly reviewed , that it counts two - bicyclist God Almighty Ather Energy , River and Matter , three - cyclist manufacturer Euler Motors , EV excite technical school startup Exponent Energy and carmaker Hyundai among a few other companionship in its customer grapevine . The startup also projects to generate an annual revenue of $ 350 million in the 2nd phase of its operations between December 2024 and 2025 , with the 2GWh production facility , per the details available in its investors ’ deck of cards .
As some companies have been explore option of Li - ion batteries for EVs to reduce dependence on lithium and are researching atomic number 11 - ion cells as a potential solution , International Battery Company is also doing its R&D on the matter in the U.S.
“ The rudimentary integration is very similar to Li - ion . So with the maturity of the applied science and the markets really call for it , we would be cognizant of it and very probable to be able to make sodium - ion solution as well , ” Panda said .
cat bear is joined by co - founder Raj Singh ( CRO ) , Venkatesh Valluri ( President of the United States ) , and Sasi Kuppannagari ( COO ) . The startup has a headcount of 100 multitude , including 75 lam its operations in South Korea and 10–12 full - clock time employee and consultants in the U.S. It is currently hire in India to extend its local squad of half a dozen masses .
How India will sail EVs in 2024
