ClientTech startup BatX Energies, based in Gurugram, has successfully completed raising funding of ₹105 crore in a Series A round. The round was led by IvyCap Ventures.
Round Participants and Company Focus
In addition to the lead investor, existing investors participated in the round, including Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, and JITO. BatX Energies specializes in battery recycling, critical mineral extraction, and purification.
The raised funds are planned to be used to expand recycling and purification capacities, strengthen research and development (R&D), and accelerate the creation of a domestic supply chain for essential battery materials.
Technological Advantage and Mission
Utkarsh Singh, Co-founder and CEO of BatX Energies, noted that many countries face the challenge of ensuring sustainable and domestic supplies of critical minerals, and he believes BatX can play a significant role in creating globally sustainable and reliable supply chains.
The company has developed proprietary technologies that allow it to extract battery-grade materials from spent batteries and industrial waste, enabling their reintroduction into the production cycle. Vikrant Singh, Co-founder and CTO of BatX Energies, emphasized that the technology is the main competitive advantage, noting four patents and several under development, with a focus on creating highly efficient and cost-effective purification technologies scalable globally.
Significance for India's Energy Security
According to the startup, as electric mobility, renewable energy, and energy storage systems grow in India, securing strategic minerals such as lithium, cobalt, nickel, and graphite is becoming vital for industrial growth and national energy security.
Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, stated that India's energy transition depends on ensuring sustainable access to critical minerals. He added that BatX has created a strong technological platform for the recovery, purification, and reuse of battery materials, addressing both economic and strategic concerns.
BatX asserts that it has demonstrated its technology at a commercial scale and is already producing and supplying raw materials back to the market, contributing to the formation of a circular economy and reducing import dependence.
