PeakAmp, a battery recycling company based in Gurgaon, has raised ₹12 crore (approximately $1.37 million) in seed funding led by Caret Capital. The round also included participation from IIM Ahmedabad Ventures, angel investor Basant Sharma, and other investors focused on clean technology, mining, and recycling sectors.
The company, founded in 2024 by Vijay Gond and Aditya Sudhanshu, operates a platform for collecting, segregating, and recycling lithium-ion batteries. PeakAmp's services include second-life repurposing of batteries and recovery of materials such as lithium, nickel, and copper. The company reports achieving over 99% efficiency in its materials recovery processes.
India's electric vehicle market is projected to grow from $35 billion in 2024 to $111 billion by 2029, with more than 80 million electric vehicles expected on roads. This growth is creating demand for battery recycling infrastructure, as the country currently faces a shortfall between existing recycling capacity and projected needs.
"My vision is to create India's benchmark platform for battery recycling, where every battery is responsibly collected, reused, and recycled through data-driven processes," said Vijay Gond, co-founder of PeakAmp.
The company has established partnerships across the battery supply chain, from collection and logistics to disassembly and materials recovery. PeakAmp operates a reverse-logistics network for transporting end-of-life batteries and uses diagnostic technology to assess battery health for potential second-life applications.
Karan Mittal, managing partner at Caret Capital, said the company's technology-enabled approach positions it to support India's energy independence goals as electric vehicle adoption increases. The funding will support PeakAmp's expansion as it works to address the gap between current battery recycling capacity and future requirements.
Caret Capital is a sustainability-focused venture capital fund that invests in startups across smart mobility, distribution and supply chain, and employment sectors in India.