Gurugram-based cleantech startup BatX Energies has raised ₹105 crore in a Series A round led by IvyCap Ventures, with participation from existing investors Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, and JITO.
The round arrives as India’s electric vehicle ecosystem pushes battery recycling and second-life materials recovery further up the priority list, with policymakers and manufacturers alike looking to reduce dependence on imported lithium, cobalt, and nickel. Recycling startups have positioned themselves as a domestic supply-side answer to that pressure, and family offices tied to established industrial groups, rather than pure-play venture funds, have increasingly shown up as co-investors in the space, treating it as an extension of core manufacturing and materials businesses.
Founded by Utkarsh Singh, Co-founder and CEO, and Vikrant Singh, Co-founder and CTO, BatX has built what it describes as one of India’s most advanced battery recycling and critical mineral recovery platforms, already operating at commercial scale with 5,000 MTA of battery shredding capacity and 5,000 MTA of hydrometallurgy capacity. The company holds four granted patents, with several more in its pipeline, and this round follows a $5 million pre-Series A raise led by Zephyr Peacock in December 2023.
“We are grateful to our team, partners, customers, and investors who have believed in BatX’s vision from the beginning. This milestone reflects years of dedication towards building world-class recycling and refining capabilities in India. With IvyCap’s partnership and the continued support of our existing investors, we are now positioned to scale what we have successfully built in India to global markets. Many countries face the same challenge of securing domestic and sustainable supplies of critical minerals, and we believe BatX can play a meaningful role in enabling circular and resilient supply chains worldwide,” said Utkarsh Singh, Co-founder & CEO of BatX Energies, on the company’s plans to scale its India-built model into global markets.
That pattern held with BatX Energies’ round: alongside institutional lead investor IvyCap Ventures, the participation of Mankind Pharma’s and Excel Industries’ family offices points to strategic and industrial capital, not just financial return, chasing exposure to battery recycling infrastructure. It is the kind of backing that tends to bring longer investment horizons and potential downstream tie-ups with existing manufacturing operations.
“India’s energy transition depends on securing sustainable access to critical minerals. BatX has built a strong technology-led platform for recovering, refining, and reusing battery materials, addressing a challenge of both economic and strategic importance. We are excited to partner with the team as they scale a globally relevant business and strengthen India’s circular economy,” said Vikram Gupta, Founder & Managing Partner of IvyCap Ventures, on the strategic significance of the investment.
“As existing investors, we remain excited about the long-term opportunity ahead and believe this fundraise positions the company well to scale its technology, expand capacity, and play an important role in building a circular supply chain for battery materials in India and beyond. We look forward to partnering with the founders and Ivycap in supporting BATX through its next phase of growth,” said Pankaj Raina, Managing Director at Zephyr Peacock, reaffirming the existing investor’s continued backing of the company.
