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US-based IBC raises $35 Mn to build battery plant in Karnataka

International Battery Company (IBC) has raised $35 million from RTP Global, BEENEXT, Veda VC, and other Korean and US investors.

The proceeds will be used to expand its manufacturing plant, better its batteries, and add a layer of AI/ML technologies to enhance its products.

According to California-based IBC, the funding has enabled the company to make its 50-megawatt (MW) manufacturing facility in South Korea fully operational. The firm is already shipping batteries to clients in India.

With the first factory operational, IBC is now looking to build a similar facility in Karnataka and make it operational by 2025.

IBC is looking to raise another $70 million according to a TechCrunch report.

Founded in 2022 by Priyadarshi Panda, IBC provides large-sized, lithium-ion batteries for the small-mobility segment including two-wheelers, three wheelers, light commercial vehicles, as well as industrial and farm equipment.

In June last year, IBC signed a pact with the Karnataka government to set up a manufacturing facility in the state with an investment of Rs 8,000 crore ($1 billion).

IBC is aiming to generate $300 million in revenues by 2026 end.

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