BatX raises Rs 105 crore in Series A round led by IvyCap Ventures

GURUGRAM: BatX Energies is charging into its next phase of growth. The battery recycling and critical mineral recovery company has raised Rs 105 crore in a Series A funding round led by IvyCap Ventures, as it looks to strengthen India’s domestic supply chain for strategic battery materials.

The round also saw participation from existing investors Zephyr Peacock, the family offices of Mankind Pharma and Excel Industries, along with JITO.

BatX said the fresh capital will be used to expand its battery recycling and refining capacity, strengthen research and development, and accelerate the creation of a domestic supply chain for critical battery materials including lithium, cobalt, nickel and graphite.

The company has developed technologies to recover and refine battery-grade materials from end-of-life batteries and manufacturing scrap, enabling their reuse in the battery value chain. It says its commercial-scale operations are helping reduce dependence on imported raw materials while supporting the growth of a circular economy.

Commenting on the fundraise, BatX Energies co-founder and chief executive officer Utkarsh Singh said, “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.”

He added that many countries face similar challenges in securing sustainable supplies of critical minerals and that BatX aims to play a meaningful role in building resilient circular supply chains worldwide.

BatX Energies co-founder and chief technology officer Vikrant Singh said technology remains the company’s biggest 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, enabling greater value creation within the battery supply chain,” BatX Energies co-founder and chief technology officer Vikrant Singh said.

Backing the investment, IvyCap Ventures founder and managing partner Vikram Gupta 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.”

Existing investor Zephyr Peacock also reaffirmed its support for the company. Zephyr Peacock managing director Pankaj Raina said the latest funding would help BatX scale its technology, expand capacity and strengthen India’s circular battery materials ecosystem while supporting its next stage of growth.

As India accelerates the adoption of electric vehicles, renewable energy and energy storage systems, access to critical minerals has become a strategic priority. With fresh funding and an expanding technology platform, BatX is positioning itself as a key player in building a more self-reliant and sustainable battery materials ecosystem for India and beyond.