International Battery Company (IBC), which manufactures rechargeable lithium-ion batteries, has raised $35 million (approximately Rs 291 crore) in the Pre-Series A funding round. The investment was led by RTP Global, with participation from Beenext, Veda VC, and other strategic investors from Korea and the United States.
International Battery Company is into the manufacturing of lithium-ion batteries built on proprietary chemistry to increase cell cycle life with high energy density and increased safety. These batteries are best designed for electronic mobility applications, are recyclable, and are designed as per Indian market needs.
Founded by Priyadarshi Panda, Raj Singh, Venkatesh Velluri, and Sasi Kuppannagari, IBC is headquartered in Bengaluru, India. It has research and development facilities based in the United States and a running factory in South Korea.
With this new investment, the company is planning to set up a 50 MWh (megawatt hour) plant in Bengaluru, which will be the same as the South Korean plant and will be able to manufacture the prismatic lithium-ion batteries for the Indian market in bulk quantities.