The funding will help the company expand its recycling facilities and meet growing demand for critical minerals.
Battery recycling startup BatX Energies has raised ₹105 crore (approximately $11 million) in a Series A funding round led by IvyCap Ventures, as the company looks to expand its recycling infrastructure and strengthen India’s domestic supply of critical battery materials.
The funding comes at a time when demand for lithium, cobalt, nickel, and other critical minerals is rising rapidly, driven by the growth of electric vehicles, renewable energy storage, and consumer electronics. By scaling its recycling and refining operations, BatX aims to reduce India’s dependence on imported raw materials while supporting a more sustainable battery ecosystem.
Funding Round Backed by Existing Investors
The Series A round was led by IvyCap Ventures and saw participation from existing investors including Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, and JITO.
The latest investment builds on the company’s $5 million pre-Series A funding round, which was led by Zephyr Peacock in December 2023.
The continued backing from existing investors reflects growing confidence in BatX’s technology and its role in India’s emerging circular economy for battery materials.
Building India’s Battery Recycling Ecosystem
Founded in 2020 by Utkarsh Singh and Vikrant Singh, BatX Energies specializes in recovering valuable materials from end-of-life lithium-ion batteries and battery manufacturing scrap.
The company extracts and refines critical minerals including:
- Lithium
- Cobalt
- Nickel
- Graphite
These recovered materials are processed and reintroduced into the battery manufacturing supply chain, reducing the need for fresh mining while improving resource efficiency.
As electric vehicle adoption accelerates, battery recycling has become an increasingly important component of securing long-term supplies of strategic minerals.
How BatX Will Use the New Capital
BatX plans to deploy the newly raised capital across several strategic initiatives.
The company will expand its battery recycling and refining infrastructure, increase investment in research and development, and strengthen India’s domestic supply chain for critical battery materials.
It is also investing in the development of cathode active materials, a key component used in lithium-ion battery manufacturing. Producing these materials domestically could help reduce India’s reliance on imported battery components while supporting local cell manufacturing.
According to co-founder and CEO Utkarsh Singh, the company now intends to build on its success in India while exploring international expansion.
He noted that many countries face similar challenges in securing sustainable supplies of critical minerals, creating opportunities for recycling-driven supply chains.
Expanding Recycling Capacity
BatX has steadily increased its operational capabilities over the past few years.
According to the company, it currently operates:
- 5,000 metric tons per year of battery shredding capacity.
- 5,000 metric tons per year of hydrometallurgical refining capacity.
- A nationwide network of micro-facilities with a combined processing capacity exceeding 20,000 metric tons annually.
- 20 MWh of battery refurbishment capacity.
These facilities enable the company to process used batteries, recover valuable metals, and extend the life of battery systems where appropriate.
Rising Importance of Battery Recycling
As governments and manufacturers work to build resilient electric vehicle supply chains, battery recycling is becoming strategically important worldwide.
Recovering materials from used batteries helps reduce dependence on imported minerals, lowers environmental impact, and creates a circular economy where valuable resources remain in use for longer periods.
For countries such as India, which imports a significant portion of its critical mineral requirements, domestic recycling capacity is increasingly viewed as an important part of long-term energy security.
Looking Ahead
With fresh funding, BatX Energies plans to scale its recycling operations, advance material processing technologies, and strengthen India’s position in the global battery value chain.
As demand for electric vehicles and energy storage continues to grow, companies capable of recovering and refining critical minerals are expected to play an increasingly important role in building sustainable and resilient battery supply chains.
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