Indian startup BatX Energies, an indigenous battery-recycling and critical-mineral recovery company, has raised ₹105 crore, or $11 million, in its latest Series A round, led by IvyCap Ventures. Moreover, its existing investors, such as Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office and JITO, also participated in the funding round.
It’s worth noting that this is a Series A round, and the company had already raised around $5 million in its pre-Series A round led by Zephyr Peacock and the other aforementioned investors in December 2023. Now, the Gurugram-based startup will use this fund to strengthen its R&D, expand its recycling and refining capacity and accelerate the development of a domestic supply chain for battery materials.
Founded by Utkarsh Singh and Vikrant Singh, BatX Energies focuses on battery recycling, critical mineral recovery and refining. However, their model doesn’t revolve around sourcing base materials from other nations. Instead, they focus on lithium, cobalt, nickel, and graphite, all of which can be found in end-of-life batteries and manufacturing scrap.
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According to the company, it has already built a commercial-scale battery recycling and critical-material recovery platform solely to supply recovered battery-grade materials to the market.
The company is a testament to the Indian government’s Make in India initiative and stands as a potential counter to the dependence of Indian manufacturers on International markets, which are often in turmoil.
