International Battery Company (IBC) on Thursday said it has raised $35 million in a pre-Series A funding round led by venture capital firm RTP Global, as the Silicon Valley-based firm builds its lithium-ion manufacturing plant in the world’s fifth-largest economy.
The round also saw participation from investors including Beenext, Veda VC, and other strategic Korean and US investors.
India’s EV market is expected to account for more than 40% of its automotive market and generate over $100 billion of revenue by 2030, according to a recent report by Bain & Co.
IBC is currently focusing on developing batteries for two- and three-wheelers, light commercial vehicles, and farm and industrial equipment targeting the small mobility sector.
While its research and development is rooted in Silicon Valley, US, production is taking place at a fully operational, state-of-the-art facility in South Korea.
The 50 MWh manufacturing facility in Korea produces prismatic lithium-ion nickel manganese cobalt (NMC) batteries which are already being shipped at volume to India.
The firm plans to build an exact copy of the factory at its new 2-GWh lithium-ion giga plant coming up on the outskirts of Bengaluru city which will commence production by 2025. The facility plans to achieve a production capacity of 10 GWh by 2028.