International Battery Company (IBC), a rising player in the eco-friendly lithium-ion battery space, has secured a potent $35 million into its ambitions to become a major force in India’s burgeoning electric vehicle (EV) market. This Pre-Series A round, spearheaded by RTP Global and bolstered by contributions from Beenext, Veda VC, and others, signifies investor confidence in IBC’s ability to tackle the unique challenges of the Indian EV landscape.
Engineered for Indian conditions
IBC’s focus rests on large-sized Prismatic Li-ion NMC batteries, specially designed for Indian conditions. These batteries excel in two crucial areas: safety in high temperatures and support for fast charging – both essential factors for thriving in India’s climate. Durability and extended lifespans, further backed by a generous 7-10 year warranty, add another layer of value and peace of mind for customers.
Beyond performance, IBC champions sustainability as a core principle. Their batteries utilise fully recyclable and reusable components, aligning perfectly with India’s green ambitions and minimising environmental impact.
Targeting small mobility sector
IBC is strategically targeting the small mobility sector, developing batteries for two and three-wheelers, light commercial vehicles, and farm and industrial equipment. This focus allows them to cater to the specific needs of a critical segment in India’s transportation landscape.
Collaborative partnerships with unnamed customers play a key role in their approach. By co-creating battery packs tailored to specific requirements, IBC fosters customer satisfaction and generates valuable insights to drive continuous innovation.
IBC’s prospect clients in India
“Talking about the prospective clients and partners, IBC has successfully entered into formal agreements with three partner customers with whom IBC is working hand-in-hand to design and develop battery packs.” Founder and CEO Priyadarshi Panda further stated, “In this collaborative model, IBC engages in deeper partnerships where both parties contribute to the development process. This approach ensures that the final product is closely aligned with their specific requirements and use cases. This strategy is significant. It allows IBC to build strong customer relationships that leads to higher customer satisfaction and enables us to gain valuable insights into customer needs, which can drive innovation and improve product offerings. At this stage, I cannot share the names of these partner customers owing to confidentiality terms.”
From South Korea to a Bengaluru gigafactory
To meet the expected demand and fuel their growth, IBC is rapidly scaling up its manufacturing capabilities. Their existing 50 MWh facility in South Korea is already churning out UN-certified batteries for the Indian market. However, the future holds even bigger plans. A colossal 2 GWh Giga factory is slated to rise in Bengaluru by 2025, propelling IBC towards their ambitious goal of reaching a 10 GWh production capacity by 2028. Talking about the team, Priyadarshi Panda, Founder and CEO at International Battery Company said, “We are just shy of a 100 people team globally. We are a 10-member team in the US that includes full time resources and consultants, a 75 person team in South Korea and a 6 person team in India which we’re currently expanding.”
Guiding IBC’s trajectory is founder and CEO Priyadarshi Panda, an alumnus of MIT and IIT Kanpur with extensive expertise in micro and nanoscience. He leads a team of accomplished professionals drawn from renowned companies like Intel, Lam Research, and Applied Materials. This potent combination of technical prowess and deep understanding of the Indian market positions IBC for potential success in the rapidly evolving EV landscape.
With regards to the round raised, Panda says, “This funding is a powerful vote of confidence from our investors, accelerating our vision to transform the EV landscape. 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. With the EV industry in India on the cusp of a revolution, IBC is poised to lead this energy transformation.”
Nishit Garg, Partner on RTP Global’s Asia investment team said that their investment in International Battery Company underscores RTP Global’s steadfast and ongoing commitment to sustainable technology investments. He further said, “It reinforces our strategy of investing in early-stage, innovative ventures and our long-term support for their visionary founders. IBC’s work in EV battery tech aligns perfectly with our mission to back transformative projects that have a positive impact on a global scale.”
A promising future for India’s EV landscape
While the future remains unwritten, IBC’s commitment to addressing specific market needs, their focus on sustainable solutions, and their ambitious expansion plans offer a promising glimpse into their potential impact on India’s transition towards electric mobility. Whether they become a major driving force in shaping this transformation remains to be seen, but their dedication and strategic approach position them as a player to watch closely.
