GFCL EV Valuation, Funding & Investors

GFCL EV is valued at $2.7B as of December 2025.

Last GFCL EV valuation

$2.7B

Undisclosed stage · Dec 2025

Last GFCL EV funding round

$80M

Undisclosed stage · Mar 2026

Cumulative funding GFCL EV raised

$249M

across 3 funding rounds

Key investors in GFCL EV

  • International Finance Corporation

GFCL EV Overview

About GFCL EV

GFCL EV Products is a subsidiary of Gujarat Fluorochemicals Limited that manufactures battery chemicals for electric vehicle and energy storage applications, with backward integration into raw materials such as anhydrous hydrofluoric acid and fluorspar. Its product portfolio includes the electrolyte salt lithium hexafluorophosphate (LiPF6), electrolyte formulations and additives, cathode active materials including LFP, and binders such as PVDF and PTFE. The company operates an integrated battery materials facility in Jolva, Gujarat, and aims to become a preferred supplier to global OEMs and battery and cell manufacturers.


Founded

2007

HQ

IndiaIndia

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$2.7B (Dec 2025)

GFCL EV Valuation

GFCL EV is currently valued at $2.7B, based on its undisclosed-stage round in December 2025.

The $50M round was led by International Finance Corporation.

GFCL EV's valuation has moved from $3B at its undisclosed-stage round in October 2024 to $2.7B in December 2025, across 2 priced rounds.

GFCL EV valuation by funding round

GFCL EV valuation by funding round
DateStageValuation
Dec 2025Undisclosed stage$2.7B
Oct 2024Undisclosed stage$3B

GFCL EV Funding History

GFCL EV has raised a total of $249M across 3 funding rounds.

GFCL EV's first fundraising round was a $119M undisclosed-stage round in October 2024. The most recent completed round was a $80M undisclosed-stage round in March 2026.

GFCL EV funding rounds

GFCL EV funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2026Undisclosed stage-$80M--
Dec 2025Undisclosed stageInternational Finance Corporation (lead)$50M$2.7BGFCL EV Products Ltd., a subsidiary of Gujarat Fluorochemicals Limited (GFL) under the INOXGFL Group, manufactures battery chemicals with backward integration into raw materials, serving electric vehicle and energy storage sectors. Its portfolio includes electrolyte salt lithium hexafluorophosphate (LiPF6), electrolyte formulations, additives, cathode active materials like LFP, and binders such as PVDF and PTFE. The company has commissioned its LFP cathode active materials facility and plans customer qualifications, with LiPF6 sales starting soon and binder sales in H1 2026. In December 2025, the International Finance Corporation (IFC) committed approximately $50 million (INR 4.3-4.5 billion) via compulsorily convertible instruments to support development of India's first integrated battery materials greenfield facility in Jolva, Gujarat. This funding aids large-scale manufacturing, expands capacity with a total planned investment of around INR 6,000 crore (US$709 million) over 4-5 years, and aligns with India's e-mobility, Make in India, and energy transition goals. Barclays served as exclusive financial advisor. Previously, GFCL EV raised INR 1,000 crore in equity from INOXGFL Group promoters and others at a INR 25,000 crore valuation. IFC's investment, its first in an Indian battery materials company, validates the integrated model covering over 50% of LFP battery cell bill of materials and positions India competitively in global high-value battery components. The Jolva facility is under phased commissioning. The project is expected to generate employment and reduce import dependence.
Oct 2024Undisclosed stage-$119M$3BGFCL EV Products Ltd., a subsidiary of Gujarat Fluorochemicals Limited (GFL), is focused on battery materials for electric vehicles (EV) and energy storage systems (ESS), offering products including battery chemicals, cathode active materials, binders, with backward integration into AHF, LiF, and captive fluorspar. The company has fully integrated manufacturing capabilities and aims to become a preferred supplier to global OEMs and battery/cell manufacturers. In October 2024, GFCL EV raised Rs 1,000 crore in an equity funding round at an equity valuation of approximately Rs 25,000 crore (around $3 billion), led by promoters of the INOXGFL Group along with marquee investors including family offices of major Indian business groups. The funds are designated for capital expenditure to scale up operations and capitalize on global EV/ESS opportunities. GFCL EV has initiated sampling and validation processes with global OEMs and anticipates commencing commercial sales by Q4 FY25. The company is positioned as an early mover in the battery materials space, targeting a significant share in the global market driven by surging EV/ESS demand. This fundraising underscores strong investor confidence in GFCL EV's growth trajectory within the multi-decadal energy transition landscape, where INOXGFL Group plays roles across EV, green hydrogen, wind, and solar ecosystems. Subsequently, the International Finance Corporation (IFC) committed approximately US$50 million through compulsorily convertible instruments to support an integrated battery materials facility in Jolva, Gujarat, enhancing domestic manufacturing, employment, and India's electric mobility goals. GFCL EV's portfolio covers over 50% of the LFP battery cell bill of materials, with Barclays advising on the IFC transaction.

Who has invested in GFCL EV?

1 investor has backed GFCL EV across its funding rounds, including International Finance Corporation.

Lead investors include International Finance Corporation.


GFCL EV Investors

Investors in GFCL EV by funding rounds participated
InvestorHQRoundsRoleFirst check

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GFCL EV Competitors

GFCL EV competitors include listed companies like Quaker Houghton, Silvercorp Metals, Compania Minera Poderosa and H.B. Fuller, and private ones like Xiamen Golden Egret Special Alloy and Yantai Wanhua Petrochemical.

Public and private companies comparable to GFCL EV
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Xiamen Golden Egret Special AlloyChinaXiamenPrivate$461M-$7.1B15.4x
Quaker HoughtonUnited StatesUnited StatesPublicly listed$1.9B$142M$2.7B1.7x
Silvercorp MetalsCanadaCanadaPublicly listed$438M$119M$2.7B5.7x
Compania Minera PoderosaPeruPeruPublicly listed$978M$413M$2.7B-
H.B. FullerUnited StatesUnited StatesPublicly listed$3.5B$522M$2.7B1.3x
Yantai Wanhua PetrochemicalChinaChinaPrivate--$2.6B-

GFCL EV Public Comps

GFCL EV is still privately-owned, but its public comps include Quaker Houghton, Silvercorp Metals, Compania Minera Poderosa, H.B. Fuller, Denison Mines, MOPCO, WD-40, Hawkins, Kaiser Aluminum and Metalúrgica Gerdau.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Quaker Houghton$1.9B$142M1.8x1.7x24.2x11.0x
Silvercorp Metals$438M$119M6.0x5.7x22.1x12.1x
Compania Minera Poderosa$978M$413M2.7x-6.4x-
H.B. Fuller$3.5B$522M1.3x1.3x8.9x7.1x
Denison Mines$4M($150M)698.1x235.5x(16.4x)(58.1x)
MOPCO$514M$309M4.9x3.7x8.1x6.7x
WD-40$620M$113M4.2x3.8x23.2x21.0x
Hawkins$1.1B$175M2.6x2.5x15.9x15.2x

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Common questions about GFCL EV

When was GFCL EV founded?GFCL EV was founded in 2007.
Where is GFCL EV headquartered?GFCL EV is headquartered in India.
Is GFCL EV publicly listed?No, GFCL EV is a private, VC-backed company.
What is GFCL EV's valuation?GFCL EV was last valued at $2.7B in its undisclosed-stage round in December 2025.
How much funding has GFCL EV raised?GFCL EV has raised $249M across 3 funding rounds.
What was GFCL EV's last funding round?GFCL EV's last funding round was a $80M undisclosed-stage round in March 2026.
Who are GFCL EV's investors?GFCL EV's investors include International Finance Corporation.
Which companies are comparable to GFCL EV?Companies comparable to GFCL EV include Xiamen Golden Egret Special Alloy, Quaker Houghton, Silvercorp Metals, Compania Minera Poderosa, H.B. Fuller and Yantai Wanhua Petrochemical.

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