India’s EV market is booming, but one thing is missing: locally made, high-quality lithium-ion batteries. International Battery Company (IBC) is stepping up to fix that – and it just secured $35 million in pre-Series A funding to make it happen.
The round was led by RTP Global, with participation from Beenext, Veda VC, and strategic investors from Korea and the U.S. It comes ahead of a larger $70 million Series A that the company is already gearing up for.
Why This Matters
Right now, India’s EV batteries are almost entirely imported, mostly from China. That means higher costs, limited customization, and major safety concerns—including overheating issues that have caused e-scooter fires.
IBC wants to change that. How?
- With “Made-for-India” battery cells, designed to withstand local conditions
- By reducing import dependency and bringing production in-house
- By scaling fast – from a 50MWh facility in Korea to a 10GWh gigafactory in Bengaluru by 2028
“There is a lot of demand in the Indian market, which is currently met through imports,” said IBC Founder & CEO Priyadarshi Panda. “No lithium-ion cells are being manufactured in India at scale, and we want to change that.”
How will IBC use the funding to scale and grow?
IBC is moving fast. It’s already made its first commercial shipment, received Bureau of Indian Standards (BIS) certification, and is working with leading EV makers.
With this new funding, the company will ramp up production to meet growing demand. build its India gigafactory, starting with a 2GWh facility by 2025, and invest in AI-driven manufacturing improvements
“Many have tried to build batteries for India, but meaningful production has been rare,” said Nishit Garg, Partner at RTP Global. “IBC’s execution-first approach makes them stand out in this space.”
With India aiming for 80% electrification of two- and three-wheelers by 2030, IBC is positioned to be a key player in powering the country’s EV future. We’re excited to watch them go from strength to strength.
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