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.