The funding round led by IvyCap Ventures, along with participation from existing investors Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office and JITO
The Delhi-NCR based startup plans to deploy the freshly raised capital in to expand its recycling and refining capacity and strengthen R&D
Prior to this, BatX Energies raised $5 Mn in its Pre-Series A funding round in 2023
Battery recycling startup BatX Energies
has raised ₹105 Cr (over $11 Mn) in its Series A funding round led by IvyCap Ventures, along with participation from existing investors Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office and JITO.
The Delhi NCR based startup plans to deploy the fresh capital in to expand its recycling and refining capacity, strengthen R&D, and accelerate development of its supply chain for critical battery materials.
Additionally, the startup is also advancing capabilities towards the production of cathode active materials (CAM). For context, CAM are foundational powered components used to manufacture the positive electrodes in lithium-ion batteries.
Founded in 2020 by Utkarsh Singh and Vikrant Singh, BatX Energies claims to extract 99.95% pure lithium, nickel, and cobalt from the black mass of Li-ion cells using its proprietary zero-waste, zero-emission hydro-electro process.
It collects used Li-ion batteries from EV makers, battery manufacturers or from factory waste and then extracts the minerals to reuse them in building fresh batteries.
Prior to this round, the battery tech startup raised $5 Mn in its pre-Series A round in 2023. Overall, it has raised $17.7 Mn from LetsVenture, Zephyr Peacock India, Mankind Group Family Office among others.
The fresh capital comes at a time when the startup is ramping up its operations by partnering with larger OEMs to directly supply them with batteries. Recently, it partnered with EV major VinFast for battery recycling and critical mineral recovery.
Under the agreement, BatX was required to provide comprehensive high-voltage (HV) battery recycling, material recovery and repurposing services for VinFast India’s factory, and after-sales operations.
On the financial front, the startup claims to have generated a revenue of $4.5 Mn in FY25.
Overall, the EV segment is witnessing a steady growth as regulatory bodies and the industry increases its focus on boosting the charging infrastructure. While consumers and businesses are gradually shifting to EVs, inadequate battery charging infrastructure has been a long issue within the country.
State governments and the centre are working in tandem to bolster this critical component to support EV propagation. Earlier this week, Delhi chief minister Rekha Gupta announced the state’s plans to invest ₹15,000 Cr to support electric mobility. In this, more than half of the corpus, ₹8,000 Cr to be precise, is dedicated to push EV infrastructure and tax exemptions over the next four years.
Meanwhile, the Central unveiled guidelines for establishing over 72,300 public EV charging stations across India under the ₹10,900 Cr PM E-Drive scheme last year.
As these moves bear fruit, the market will have a wave of end-of-life batteries. As India imports the majority of Li-ion batteries from countries like China, South Korea, and Japan, recycling reduces this dependence.
The country’s battery recycling market reached $603.9 Mn in 2025 and is projected to reach $ 1.3 Bn by 2034, growing at a CAGR of 8.65% during 2026-2034.
Source: Inc42 - Startups
