226
/ 2
Min Read
Battery recycling company PeakAmp has raised ₹12 crore (approximately $1.37 million) in a seed funding round. The round was led by Caret Capital, with participation from IIM Ahmedabad Ventures, angel investor Basant Sharma, and other investors from the clean technology, mining, and recycling sectors.
Founded in 2024 by Vijay Gond and Aditya Sudhanshu, PeakAmp operates a platform for the collection, segregation, and recycling of lithium-ion batteries. The company also focuses on second-life repurposing of batteries and recovery of valuable materials such as lithium, nickel, and copper. PeakAmp claims its material recovery processes achieve more than 99% efficiency.
India’s electric vehicle market is projected to grow from $35 billion in 2024 to $111 billion by 2029, with more than 80 million EVs expected on the roads. This rapid growth is driving demand for battery recycling infrastructure, which currently lags far behind future requirements.
“Our vision is to create India’s benchmark battery recycling platform, where every battery is responsibly collected, reused, and recycled,” said Vijay Gond, co-founder of PeakAmp.
The company has forged partnerships across the battery supply chain, including collection, logistics, disassembly, and materials recovery. It also operates a reverse-logistics network for transporting end-of-life batteries and uses diagnostic technology to assess battery health for second-life applications.
Karan Mittal, Managing Partner at Caret Capital, said PeakAmp’s technology-driven model positions it to support India’s energy independence as EV adoption accelerates. The fresh funding will support the company’s expansion and help bridge the gap between current recycling capacity and future demand.
Caret Capital is a sustainability-focused venture capital fund that invests in startups in smart mobility, distribution and supply chain, and employment sectors in India.
