BatX Energies raises ₹105 crore in Series A funding

Battery recycling company BatX Energies has raised ₹105 crore in a Series A funding round led by IvyCap Ventures, with participation from existing investors Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, and JITO.

The company said it will use the funds to expand its battery recycling and refining capacity, strengthen research and development, and support the development of a domestic supply chain for critical battery materials. According to the company, the investment is intended to support the recovery and refining of materials such as lithium, cobalt, nickel, and graphite from end-of-life batteries and manufacturing scrap.

BatX said it operates battery recycling and critical mineral recovery facilities, recovering battery-grade materials from end-of-life batteries and manufacturing scrap for reuse in the supply chain. The company is also developing capabilities to produce Cathode Active Materials (CAM), according to an official statement.

Utkarsh Singh, Co-founder and CEO of BatX Energies, said “We are grateful to our team, partners, customers, and investors who have believed in BatX’s vision from the beginning. This milestone reflects years of dedication towards building world-class recycling and refining capabilities in India. With IvyCap’s partnership and the continued support of our existing investors, we are now positioned to scale what we have successfully built in India to global markets. Many countries face the same challenge of securing domestic and sustainable supplies of critical minerals, and we believe BatX can play a meaningful role in enabling circular and resilient supply chains worldwide.”

BatX currently has a battery shredding capacity of 5,000 MTA and a hydrometallurgy capacity of 5,000 MTA. CEO Utkarsh Singh said the company has a network of micro facilities across India with a combined capacity of over 20,000 MTA to provide input for battery shredding, along with a battery refurbishing capacity of 20 MWh.

Vikrant Singh, Co-founder and CTO of BatX Energies, said “Technology remains our strongest differentiator. With four granted patents and several more in the pipeline, we are focused on developing high-yield, cost-effective refining technologies that can scale globally. We are also advancing our capabilities towards the production of Cathode Active Materials (CAM), enabling greater value creation within the battery supply chain. India’s strong chemical engineering ecosystem provides a unique advantage, and our goal is to make BatX a global leader in critical mineral recovery, refining, and battery materials.”

Vikram Gupta, Founder and Managing Partner at IvyCap Ventures, said “India’s energy transition depends on securing sustainable access to critical minerals. BatX has built a strong technology-led platform for recovering, refining, and reusing battery materials, addressing a challenge of both economic and strategic importance. We are excited to partner with the team as they scale a globally relevant business and strengthen India’s circular economy.”

Pankaj Raina, Managing Director at Zephyr Peacock, said, “As existing investors, we remain excited about the long-term opportunity ahead and believe this fundraise positions the company well to scale its technology, expand capacity, and play an important role in building a circular supply chain for battery materials in India and beyond. We look forward to partnering with the founders and Ivycap in supporting BATX through its next phase of growth.”

IvyCap Ventures, founded in 2011, is a Mumbai-based venture capital firm managing over USD 650 million (around ₹6,000 crore) in assets. It invests in early- and growth-stage startups across sectors including DeepTech, FinTech, HealthTech, ConsumerTech, and EVs.

Also read: BatX Energies raises $5 million in Pre-Series A round led by Zephyr Peacock