The article discusses International Battery Company (IBC), a startup that is developing lithium-ion batteries for the Indian market. Here are some key points from the article:
Founders and Team: IBC was founded by Jagdeep Singh, along with co-founders Raj Singh, Venkatesh Valluri, and Sasi Kuppannagari. The company has a headcount of 100 people, including 75 running its operations in South Korea.
Target Market: IBC’s initial target is to serve customers in India, particularly in the two- and three-wheeler segments. It has already started working with two of its three customers on board that are in this segment. In the next round, it plans to work with industrial and farm equipment manufacturers.
Revenue Projections: The company projects to generate an annual revenue of $350 million in the second phase of its operations between December 2024 and 2025.
Competitive Advantage: IBC is focused on providing compelling solutions to customers in India, particularly in the small mobility sector. Once it penetrates this market, it plans to expand to other markets such as Korea, North America, and Europe.
Research and Development: The company is also doing research on sodium-ion cells as a potential solution for electric vehicles (EVs), which could reduce dependence on lithium.
Partnerships: IBC has mentioned in its recent presentation that it counts Ather Energy, River and Matter, Euler Motors, Exponent Energy, and Hyundai among a few other companies in its customer pipeline.