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TechCrunch
9 hours ago
- Automotive
- TechCrunch
Mitra Chem is raising $50M for its cheaper, domestic battery materials
Battery material startup Mitra Chem has raised $15.6 million of a planned $50 million funding round, according to a regulatory filing seen by TechCrunch. Mitra Chem is developing materials to make lithium-iron-phosphate (LFP) batteries store more energy. Automakers have begun to turn to LFP in an attempt to trim costs from electric vehicle battery packs, which can make up a significant portion of a car's cost. Currently, all LFP material comes from outside the United States, with the vast majority coming from China. TechCrunch reached out to Mitra Chem for comment, but did not receive an immediate reply. The new funding round comes at a challenging time for battery startups. Sales of electric vehicles (EVs) haven't grown at the rate some automakers and analysts had predicted. Simultaneously, the Trump administration and Congressional Republicans have mounted an assault on EVs and battery manufacturers. The House version of the reconciliation bill would sunset EV tax credits in 2025 or 2026, depending on how many EVs automakers have sold. The Senate has yet to weigh in on the bill. Mitra Chem previously raised a $60 million Series B that closed in 2023. GM led the round, with In-Q-Tel, Social Capital, and others participating. Chamath Palihapitiya's Social Capital led the startup's $20 million Series A in 2021. South Korean battery materials company L&F Corporation is a likely participant in the new round, having invested $10 million in March, Korean Economic Daily has reported. The company was awarded a $100 million grant from the Department of Energy last year to build a battery materials plant in Michigan. According to federal records, that award is still on the books but hasn't yet been paid out.
India Today
2 days ago
- Business
- India Today
Startup founder says she's all for her employees taking up side hustles
While most companies fear losing talent to passion projects, a Mumbai-based founder is flipping that fear on its head. Vedika Bhaia, founder of Growth Square and Social Capital, said she not only supports but encourages her employees to pursue side hustles, even if it means watching them outgrow her companies a now-viral post on LinkedIn, Bhaia said, 'At both my companies, we have team members who freelance on the side. While our agency is their main source of income right now, I secretly hope that one day we become their side-hustle.'advertisement Challenging the conventional corporate fixation on loyalty, she said that employee stagnation reflects leadership failure. 'If my team isn't growing, pushing boundaries, or building their personal brand, then I've failed as a founder,' she argued that side hustles don't dilute focus; they sharpen it. According to her, multiple income streams offer safety, passion projects prevent burnout, and exploring different roles speeds up growth. She also called the old-school idea of 'one job forever' outdated in 2025.'I've seen team members start companies that absolutely crush it, and honestly, there's no better feeling than knowing I played a small part in their journey. Sometimes that means saying goodbye to super-talented people chasing bigger dreams,' she said. The entrepreneur made it clear that this isn't about letting go of people, it's about setting them up to fly higher. 'It's a success if my mentorship helps someone build something beyond the boundaries of my own company,' she a look at her viral post here: Her post resonated widely on LinkedIn. One of the users applauded her mindset, saying, 'Most leaders talk about retention. You're talking about evolution.' Another user added, 'Side hustles are no longer optional, they're essential. Love that you're leading with this mindset.''This is the kind of forward-thinking leadership that attracts and retains top talent. Bravo!' one of the users said. See the comments here: By embracing ambition rather than fearing it, Vedika Bhaia's approach is indeed a fresh playbook for leaders hoping to stay relevant and human in a rapidly changing work InMust Watch
