FundraiseJul 2, 2026, 06:55 UTC

BatX Energies raises $11M to recover lithium from dead batteries

What's the deal? Battery recycling startup BatX Energies has raised Rs 105 crore ($11 million) in a Series A round led by IvyCap Ventures.

Existing investors Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, and JITO also joined.

The Gurugram-based startup recovers lithium, cobalt, nickel, and graphite from end-of-life batteries and manufacturing scrap. It was founded by Utkarsh Singh and Vikrant Singh.

Why now? BatX plans to expand its recycling and refining capacity, strengthen R&D, and build a domestic supply chain for battery materials.

It is also developing Cathode Active Materials, a key input for lithium-ion battery manufacturing.

The round follows a $5 million pre-Series A led by Zephyr Peacock in December 2023.

What could go wrong? Recycling at commercial scale is capital-intensive, and recovered material must compete with freshly mined supply on price and quality.

The signal: Dealroom classifies BatX as a breakout-stage company, and the Series A doubles down on that momentum over two years after its December 2023 pre-Series A. With a family-office-heavy backer list — from Mankind Pharma to Excel Industries — now anchored by IvyCap Ventures, the round reflects growing Indian appetite for building a domestic critical-minerals supply chain rather than depending on imports.