BatX Energies Series A funding of ₹105 Cr (~$11M) has landed, with IvyCap Ventures leading the round — as publicly reported on 2026-07-02. BatX Energies, the Gurugram-based battery recycling and critical minerals recovery startup, secured the capital alongside participation from existing investors Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, and JITO. The announcement marks a significant milestone in India’s push to build a resilient, domestic supply chain for battery-grade materials.
Quick Highlights
- Founders: Utkarsh Singh (Co-founder & CEO) and Vikrant Singh (Co-founder & CTO)
- Lead Investor: IvyCap Ventures
- Participating Investors: Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, JITO
- Investor Background: IvyCap Ventures, founded in 2011, is a Mumbai-based venture capital firm managing over USD 650 million in assets, investing across DeepTech, FinTech, HealthTech, ConsumerTech, and EVs
- Headquarters: Gurugram, Haryana, India
- Announcement Date: 2 July 2026
Funding Breakdown
Use of Funds
BatX Energies plans to deploy the fresh capital across three core priorities: expanding its battery recycling and refining capacity, strengthening research and development, and accelerating the development of a domestic supply chain for critical battery materials. The company specifically targets the recovery and refining of lithium, cobalt, nickel, and graphite from end-of-life batteries and manufacturing scrap. Additionally, as publicly reported, BatX is advancing its capabilities toward the production of Cathode Active Materials (CAM) — a key component in lithium-ion battery manufacturing — to enable greater value creation within the battery supply chain.
Funding Timeline
Prior to this Series A, BatX Energies raised $5 million in a Pre-Series A round in December 2023, led by Zephyr Peacock. The company’s earliest disclosed raise was a seed funding round in 2022 led by JITO Angel Network. The current ₹105 Cr Series A represents the company’s largest single fundraise to date, as publicly reported.
Expansion Plans
BatX Energies has set its sights firmly on global scale. Co-founder and CEO Utkarsh Singh has publicly stated the company’s intent to take what it has built in India to international markets, noting that many countries face the same critical challenge of securing sustainable domestic supplies of battery minerals. Co-founder and CTO Vikrant Singh has highlighted the company’s technology edge — citing four granted patents with more in the pipeline — as the foundation for deploying high-yield, cost-effective refining technologies at a global scale. The company also aims to play a central role in enabling circular and resilient battery supply chains worldwide, positioning India’s chemical engineering ecosystem as a strategic advantage in this effort.
Significance
This BatX Energies Series A round arrives at a critical juncture for India’s energy transition. India’s battery recycling market reached $603.9 million in 2025 and is projected to grow to $1.3 billion by 2034 at a CAGR of 8.65%, as publicly reported — underscoring the sector’s rapid commercial momentum. BatX’s commercial-scale platform, which already supplies recovered battery-grade materials to the market and holds a partnership with automaker VinFast for high-voltage battery recycling and repurposing services, signals that the company has moved decisively beyond the proof-of-concept stage. IvyCap Ventures’ decision to lead this round adds institutional weight to a sector where strategic mineral security is increasingly a national priority for India, reinforcing that battery recycling is no longer a niche cleantech bet but a core infrastructure play.
These details have been verified against multiple publicly available reports as of 2026-07-02.
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Disclaimer: This report is compiled from publicly available sources and is for informational purposes only; funding figures are as publicly reported and may be subject to change.
