Lithium-ion battery pack maker and recycling firm Lohum on Wednesday said it has secured $54 million (Rs 450 crore) in a funding round from a bunch of investors.
The investors who participated in the series B funding round of capital infusion include Singularity Growth, Baring Private Equity, Cactus Venture Partners & Venture East amongst other new and existing venture firms, Lohum said in a statement.
The company will use these funds to fuel its market expansion, scaling up recycling operations across India, and also expanding to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia, it said.
"The funds will expedite our international expansion, enable us to hire top professionals from talent pools in India, expand our strength, and provide fresh tailwinds to our industry-leading R&D innovation centre," said Rajat Verma, Founder & CEO of Lohum.
Lohum claims to have an integrated battery lifecycle management system with end-to-end in-house ecosystem of battery recycling, battery repurposing, transition materials refining, and Cathode active material.
"Battery scrap is a very viable way for India to source the required materials. Lohum has been able to expand into the entire battery lifecycle management with India as a node," said Yash Kela, Chief Investment Officer, Singularity Growth.
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