BatX Energies Raises ₹105 Crore for Battery Recycling Operations

Indian battery recycling technology firm BatX Energies has raised ₹105 crore (over $11 million) in a Series A funding round led by IvyCap Ventures. Existing investors, including Zephyr Peacock and the Mankind Pharma Family Office, also participated in the funding round.

The company intends to utilize the fresh capital to expand its recycling and refining capacity, bolster its research and development (R&D) efforts, and accelerate the development of its supply chain for critical battery materials. BatX Energies is also advancing its capabilities toward the production of cathode active materials (CAM), which are essential components for manufacturing lithium-ion batteries.

Founded in 2020, BatX Energies claims to use a proprietary zero-waste, zero-emission hydro-electro process to extract high-purity lithium, nickel, and cobalt from the black mass of spent lithium-ion cells. The startup collects used lithium-ion batteries from electric vehicle (EV) manufacturers and battery producers, as well as factory waste, to recover minerals for use in new batteries.

The new funding comes as BatX Energies scales its operations by partnering with larger original equipment manufacturers (OEMs) for direct supply of battery materials. Recently, the company entered into an agreement with EV major VinFast for battery recycling and critical mineral recovery services at its Indian factory.

India's battery market is expected to see significant growth as the country aims to reduce its reliance on imported lithium-ion batteries. Earlier in the year, the Delhi government announced plans to invest ₹15,000 crore to support electric mobility. BatX Energies reported a revenue of $4.5 million for the fiscal year 2025.