BatX Raises ₹105 Crore in Series A Round Led by IvyCap Ventures

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 fresh capital will be used to expand BatX’s recycling and refining capacity, strengthen research and development, and accelerate the creation of a domestic supply chain for critical battery materials. The company aims to support India’s growing demand for strategic minerals such as lithium, cobalt, nickel, and graphite as electric mobility, renewable energy, and energy storage continue to scale.

BatX has developed a technology platform for recycling end-of-life batteries and recovering battery-grade raw materials. The company says it has already demonstrated its technology at commercial scale and is supplying recovered critical materials back into the market, helping reduce India’s dependence on imported resources while promoting a circular economy.

“We are grateful to our team, partners, customers, and investors who have believed in BatX’s vision from the beginning. 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,” said Utkarsh Singh, Co-founder and CEO of BatX Energies.

He added that several countries face similar challenges in securing sustainable domestic supplies of critical minerals, presenting an opportunity for BatX to build resilient global circular supply chains.

Co-founder and CTO Vikrant Singh said technology remains the company’s key differentiator, with four granted patents and several more in the pipeline. He noted that BatX is also advancing 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,” he said.

Commenting on the investment, Vikram Gupta, Founder and Managing Partner at IvyCap Ventures, said India’s energy transition depends on 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,” he said.

Existing investor Pankaj Raina, Managing Director at Zephyr Peacock, said the latest funding round positions BatX to expand its technology and production capacity while strengthening the circular supply chain for battery materials in India and overseas.