The pre-Series A round was led by RTP Global, with participation from Beenext, Veda VC, and strategic Korean and U.S. investors.
The funding is a strategic move to address the growing demand in India's EV market, which is currently reliant on imports, primarily from China. IBC aims to bridge this gap with its locally manufactured batteries, designed specifically for Indian conditions.
Producing large-sized NMC batteries
IBC, headquartered in Sunnyvale, California, and founded in 2022 by Priyadarshi Panda, focuses on producing large-sized Prismatic Li-ion Nickel Manganese Cobalt (NMC) batteries.
The company operates a 50MWh capacity manufacturing plant in South Korea and plans to establish a 10GWh facility in Bengaluru, India, by 2028. The Bengaluru facility, starting with a 2GWh capacity by 2025, will replicate the South Korean factory's design and operations, as per media reports.
Focused on expansion
IBC focuses on the small mobility sector, including two- and three-wheelers, light commercial vehicles, and farm and industry equipment. The company said that its product-oriented approach ensures batteries are tailored to Indian consumers' needs.
While IBC is primarily targeting the Indian market, It also plans to expand to other regions like Korea, North America, and Europe.
Addressing the demand-supply gap
IBC's entry into the market is timely, considering the Indian government's push towards EV adoption and the need for batteries suited to local conditions. The company's focus on quality and suitability for the Indian climate positions it uniquely in the market, where demand is expected to surge in the coming years.
Join our new WhatsApp Channel for the latest startup news updates