Delhi NCR-based battery recycling startup BatX Energies has raised ₹105 crore (over $11 million) in its Series A funding round led by IvyCap Ventures, the company announced. Existing investors including Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, and JITO also participated. The fresh capital will be used to expand recycling and refining capacity, strengthen R&D, and accelerate supply chain development for critical battery materials, according to inc42.com.
Founded in 2020 by Utkarsh Singh and Vikrant Singh, BatX Energies uses a proprietary zero-waste, zero-emission hydro-electro process to extract 99.95% pure lithium, nickel, and cobalt from used lithium-ion batteries. The startup collects these batteries from EV manufacturers, battery makers, and factory waste, then recycles the minerals for reuse in new batteries. Prior to this round, BatX raised $5 million in a pre-Series A round in 2023, bringing its total funding to $17.7 million from investors such as LetsVenture and Zephyr Peacock India, inc42.com reported.
The funding comes as BatX Energies expands operations and partners with larger OEMs to supply batteries directly. The startup is also advancing capabilities to produce cathode active materials (CAM), which are essential components in lithium-ion battery electrodes. This positions BatX among emerging players addressing the growing demand for sustainable battery recycling and critical material supply amid the global push for electric vehicles and clean energy, per inc42.com.
BatX Energies’ Series A round led by IvyCap Ventures marks a key milestone as the company scales its recycling and refining processes. The startup’s focus on zero-emission recycling and CAM production aligns with industry trends toward circular battery supply chains. BatX has raised $17.7 million in total funding to date, with the latest ₹105 crore injection expected to accelerate its growth trajectory, inc42.com confirmed.