Delhi-NCR-based battery recycling startup BatX Energies has secured ₹105 crore (over $11 million) in a Series A funding round to scale its zero-waste extraction technology. Led by IvyCap Ventures, the investment targets a critical bottleneck in India's electric vehicle (EV) ecosystem: the heavy reliance on imported raw materials for lithium-ion batteries.
The round saw participation from existing backers, including Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, and JITO. This latest capital injection brings the company's total funding to $17.7 million, following a $5 million Pre-Series A round in 2023. BatX Energies plans to deploy the funds to expand its recycling and refining capacity, strengthen research and development, and accelerate its supply chain for critical battery materials.
Founded in 2020 by Utkarsh Singh and Vikrant Singh, the startup utilizes a proprietary zero-waste, zero-emission hydro-electro process. This method extracts 99.95% pure lithium, nickel, and cobalt from the "black mass" of degraded Li-ion cells collected from EV makers and factory waste. Crucially, the fresh capital will advance the company's capabilities in producing cathode active materials (CAM) - the foundational powdered components required to manufacture positive electrodes in new batteries.
On the commercial front, BatX Energies reported $4.5 million in revenue for FY25 and recently secured a major partnership with EV manufacturer VinFast to handle comprehensive high-voltage battery recycling and material recovery for its Indian factory and after-sales operations. This growth aligns with massive state and central government pushes for EV adoption. Delhi recently announced a ₹15,000 crore investment in electric mobility - with ₹8,000 crore specifically dedicated to EV infrastructure and tax exemptions over the next four years - while the central government's ₹10,900 crore PM E-Drive scheme aims to establish over 72,300 public charging stations nationwide.
The Geopolitics of Battery Recycling
The ₹105 crore investment in BatX Energies highlights a strategic pivot in India's clean tech sector: treating e-waste as a domestic mining reserve. Currently, India imports the vast majority of its lithium-ion cells from China, South Korea, and Japan. By closing the loop and producing battery-grade cathode active materials locally, startups like BatX are providing a critical buffer against global supply chain shocks and volatile mineral pricing.
Furthermore, the timing of this expansion is highly calculated. With India's battery recycling market valued at $603.9 million in 2025 and projected to hit $1.3 billion by 2034 (growing at an 8.65% CAGR), the industry is bracing for a massive influx of end-of-life batteries from the first major wave of EV adoption. Companies that can secure direct OEM partnerships now - like the VinFast deal - will control the raw material flow of the next decade, transforming recycling from an environmental mandate into a highly lucrative foundational industry.
