International Battery Company raises $35 million in RTP Global-led round
International Battery Company (IBC), which manufactures lithium-ion cells for electric vehicles and plans to set up a factory in Karnataka, closed its maiden funding round at $35 million, led by RTP Global.
The round has also seen participation from Beenext, Veda VC along with other strategic Korean and US investors and supply partners.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitMITMIT Technology Leadership and InnovationVisitAccording to California-based IBC, the funding has enabled the company to make its 50-megawatt (MW) manufacturing facility in South Korea fully operational. It is already shipping batteries to clients in India.
With the first factory operational, the company is now looking to build a copy exact facility in Karnataka and make it operational starting 2025.
In June last year, IBC signed a pact with the Karnataka government to set up a manufacturing facility in the state at an investment of Rs 8,000 crore (roughly $1 billion).
The company will also look to use the proceeds from the latest funding round to develop manufacturing execution systems, as well as build machine learning and artificial intelligence programmes to increase yields of its products.
Founded in 2022 by Priyadarshi Panda, IBC provides large-sized, lithium-ion batteries for the small-mobility segment including two-wheelers, three wheelers, light commercial vehicles, as well as industrial and farm equipment.
“We will continue to raise capital sequentially in line with our milestones. Our first goal now is to get a 2 gigawatt hour (GWh) facility setup first (in Karnataka). And that
