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International Battery Company powers up with $35M funding to bridge EV gap in India
International Battery Company, a startup developing lithium-ion battery cells for electric vehicles, has raised $35 million as it plans to bridge the International Battery Company, a startup developing lithium-ion batteries for electric vehicles, has raised $35 million in a funding round led by RTP Global.
The startup researches and develops its battery technology in Silicon Valley and produces Li-ion cells at its 50MWh capacity manufacturing plant in South Korea, which are specifically designed for the Indian market — meeting the requirements to operate safely in high temperatures, support fast-charging capabilities and offer extended lifecycles, with a 7- to 10-year warranty. The product-oriented approach by International Battery Company convinced RTP Global to close the deal amid the ongoing market slowdown and a growing trend where VC firms largely avoid putting millions of dollars into startups yet to generate revenues. “Once we, with a focused approach, penetrate and provide compelling solutions to the customer base in India, primarily in the small mobility sector, be in the two-wheeler, three-wheeler, LCV, farm and industry equipment, then we will look at other markets such as Korea, North America, and Europe,” Panda said.
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