BatX Energies has raised Rs. 105 crore in a Series A funding round led by IvyCap Ventures. The round also saw participation from existing investors, including Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, and JITO.

This funding comes at a time when India’s electric vehicle market is growing, but the country still depends heavily on imported battery materials. Batteries used in EVs, electronics, and energy storage systems contain valuable minerals. If these materials are recovered properly, they can be reused instead of being wasted.

That is where BatX Energies wants to build its role. The startup is working on battery recycling, refining, and critical mineral recovery so that used batteries and manufacturing scrap can return to the battery supply chain.

What BatX Energies does

BatX Energies recycles lithium-ion batteries and recovers useful materials from them. These batteries can come from electric vehicles, consumer electronics, energy storage systems, or battery manufacturing waste.

The company works on recovering battery materials such as lithium, cobalt, nickel, and graphite. These materials are important because they are used in making new batteries. Instead of depending only on mining or imports, recycling can create a local source of battery-grade materials.

In simple words, BatX is trying to turn old batteries into useful raw material again. A battery that is no longer useful in an EV may still contain minerals that can be recovered and reused.

The company was founded by Utkarsh Singh and Vikrant Singh. Utkarsh Singh is the Co-founder and CEO, while Vikrant Singh is the Co-founder and CTO.

How BatX will use the funding

BatX plans to use the Rs. 105 crore funding to expand its battery recycling and refining capacity. It will also strengthen its research and development work.

The company is building technology to recover critical minerals from end-of-life batteries and manufacturing scrap. This is important because recycling is not just about breaking down old batteries. The real value comes from recovering materials at a quality that can be used again in the supply chain.

BatX is also developing capabilities in Cathode Active Materials, commonly called CAM. These materials are a key part of lithium-ion batteries. If the company succeeds in moving deeper into this part of the value chain, it can create more value than basic recycling alone.

Why battery recycling matters for India

India wants more electric vehicles on the road. But EV growth also brings a new challenge – what happens to batteries after they are used?

A lithium-ion battery cannot be handled like normal waste. If it is dumped or processed carelessly, it can create safety and pollution risks. At the same time, throwing it away means losing valuable materials.

Battery recycling helps solve both problems. It reduces waste and brings useful minerals back into production.

For India, this is also a supply chain issue. Many critical battery materials are imported. A strong recycling network can reduce some of that pressure over time. It will not replace mining or imports completely, but it can make the battery ecosystem more stable.

For example, when an EV battery reaches the end of its life, it can be collected, processed, and refined. The recovered minerals can then be used again by battery material makers. This is how a circular battery economy starts to take shape.

BatX’s current capacity

BatX currently has 5,000 MTA of battery shredding capacity and 5,000 MTA of hydrometallurgy capacity. MTA means metric tonnes per annum, or yearly processing capacity.

The company also has a network of micro facilities across India with a combined capacity of more than 20,000 MTA. These facilities help provide input material for battery shredding.

BatX also has 20 MWh of battery refurbishing capacity. Refurbishing means giving some batteries a second life where possible, instead of directly sending everything for recycling. This can be useful for batteries that are no longer suitable for one use case but may still work in a lower-demand application.

Technology is a key part of the plan

BatX is not trying to position itself only as a waste collection company. Its bigger aim is to become a technology-led player in critical mineral recovery and battery materials.

The company has four granted patents and more patents in progress. This matters because battery recycling needs efficient recovery methods. Better technology can improve material yield, reduce costs, and make the final output more useful for battery supply chains.

Vikrant Singh has highlighted that India’s chemical engineering strength can help companies like BatX build globally relevant recycling and refining technologies. That is an important point. If India can build strong battery recycling technology at home, it can support both local EV growth and global demand.

Investor view and market opportunity

IvyCap Ventures has led this Series A round. The investment firm was founded in 2011 and is based in Mumbai. It manages over USD 650 million, or around Rs. 6,000 crore, in assets, and invests across areas such as DeepTech, FinTech, HealthTech, ConsumerTech, and EVs.

For investors, battery recycling is attractive because it sits at the meeting point of EV growth, clean energy, manufacturing, and critical minerals. As more batteries are made and used, recycling demand will also rise.

Existing investors such as Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, and JITO joining the round again also shows continued confidence in BatX’s direction.

Competitors in the battery recycling space

BatX Energies operates in a growing but competitive market. In India, companies such as Lohum, Attero Recycling, and Metastable Materials are also working in battery recycling, reuse, and material recovery.

Globally, players such as Redwood Materials, Li-Cycle, Ascend Elements, and Green Li-ion are building recycling and battery material recovery businesses.

The market is large enough for many serious players because battery waste will come from several places – EVs, mobile phones, laptops, power backup systems, factories, and renewable energy storage projects.

BatX’s challenge will be to scale safely, keep recovery quality high, and build strong partnerships with battery makers, EV companies, and electronics businesses.

What this means for EV users and businesses

For a normal EV buyer, battery recycling may not be the first thing to think about. Most buyers care about price, range, charging speed, and warranty.

But battery recycling still matters in the background. A strong recycling ecosystem can make EVs more sustainable and reduce the long-term waste problem.

For EV makers and battery companies, partners like BatX can help manage old batteries, meet rules, and recover materials from scrap. As India’s EV market matures, organized recycling will become a bigger part of the business.

Conclusion with key takeaways

BatX Energies’ Rs. 105 crore Series A funding is more than a startup funding update. It shows that battery recycling and critical mineral recovery are becoming important parts of India’s EV future.

The startup’s aim is clear – recover useful materials from used batteries and manufacturing scrap, refine them, and send them back into the supply chain. If BatX can scale well, it can help India build a cleaner and more reliable battery ecosystem.

Key takeaways

• BatX Energies has raised Rs. 105 crore in Series A funding led by IvyCap Ventures.
• Existing investors Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, and JITO also participated.
• The company recovers materials such as lithium, cobalt, nickel, and graphite from used batteries and manufacturing scrap.
• BatX currently has 5,000 MTA battery shredding capacity and 5,000 MTA hydrometallurgy capacity.
• It also has micro facilities across India with more than 20,000 MTA combined capacity.
• The startup is working on Cathode Active Materials to move deeper into the battery value chain.

Facts Input- EVReporter