India, July 2 -- Battery recycling startup BatX Energies has raised Rs.105 Cr (over $11 Mn) in its Series A funding round led by IvyCap Ventures, along with participation from existing investors Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office and JITO.

The Delhi NCR based startup plans to deploy the fresh capital in to expand its recycling and refining capacity, strengthen R&D, and accelerate development of its supply chain for critical battery materials.

Additionally, the startup is also advancing capabilities towards the production of cathode active materials (CAM). For context, CAM are foundational powered components used to manufacture the positive electrodes in lithium-ion batteries.

Founded in 2020 by...