February 27, 2024

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Breaking News: International Battery Company Secures $35 Million Funding to Meet Soaring EV Demand in India

3 min read
Breaking_News

The Rise of Electric Vehicles in India Sparks International Battery Company’s $35 Million Funding Raise

The electric vehicle (EV) market in India is booming, with an increasing demand for lithium-ion batteries. International Battery Company, a startup dedicated to producing these batteries, has secured a substantial $35 million in funding to cater to the escalating need for EV batteries in the Indian automotive sector.

Meeting the EV Demand in India

With over 3.5 million EVs on Indian roads, the country has witnessed a surge in demand for electric mobility. While a significant portion of this comprises two-wheelers, the market for four-wheelers and other electric vehicles is also on the rise. With the Indian government aiming to transition 30% of four-wheelers and 80% of two and three-wheelers to electric by 2030, the demand for efficient and safe EV batteries is set to soar.

International Investment in India’s EV Market

International Battery Company’s recent funding round, led by RTP Global, has garnered support from various investors, including Beenext, Veda VC, and strategic Korean and U.S. investors. The company recognizes the current reliance on imported EV batteries in India, mainly from China, and aims to address concerns related to safety and sustainability.

Commitment to Localized Manufacturing

Unlike the imported batteries, which have raised safety and sustainability concerns due to inadequate design and manufacturing for local conditions, International Battery Company is dedicated to producing in-house Li-ion battery cells tailored to the Indian market. Their focus is on ensuring safety in high temperatures, supporting fast-charging capabilities, and offering extended lifecycles, with a 7- to 10-year warranty.

Expansion Plans in India

The startup already operates a manufacturing plant in South Korea, producing UN 38.3 standard-based Li-ion NMC battery cells specifically designed for the Indian market. Moreover, it has received certification from India’s Bureau of Indian Standards to sell its EV battery cells in the country. International Battery Company has also committed to establishing a 10GWh facility in Bengaluru by 2028, with initial plans for a 2GWh facility by 2025.

Leadership and Future Prospects

The startup, founded by Priyadarshi Panda, an alumnus of IIT Kanpur and MIT, has the backing of extensive industry experience and a vision to drive the EV market in India. Panda plans to tap into additional funding to build a gigafactory in India, emphasizing the importance of product qualification and market validation before progressing to the next funding round.

Industry Dynamics and Competition

International Battery Company faces competition from various entities, including Tata Group, Hyundai, VinFast, Ola Electric, and other global players in the EV battery manufacturing space. Despite this, the company’s focus on designing cells tailored to the Indian consumer sets it apart in the market.

Key Points:

– International Battery Company secures $35 million in funding to address the escalating demand for EV batteries in India.
– The startup is committed to localized manufacturing, producing in-house Li-ion battery cells tailored to the Indian market’s specific requirements.
– The company plans to establish a 10GWh facility in Bengaluru by 2028, with initial plans for a 2GWh facility by 2025.
– Priyadarshi Panda aims to tap into additional funding to build a gigafactory in India, emphasizing product qualification and market validation before progressing further.
– Despite competition, International Battery Company’s focus on designing cells tailored to the Indian consumer sets it apart in the market.

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