MARCH 20249TOP STORIESBATTERY RECYCLING FIRM LOHUM RAISES RS. 450 CRORE IN SERIES B ROUNDLohum, a lithium-ion battery pack maker and recycling firm, has successfully raised $54 million (approximately Rs 450 crore) in a Series B funding round. The funding round saw participation from various investors, including Singularity Ventures, Baring Private Equity, Cactus Venture Partners, Venture East, and other new and existing venture firms.Lohum will utilize the funds raised to support its market expansion, scale up recycling operations across India, and venture into new markets for energy transition materials in North America, the EU, the Middle East, Africa, and Asia.Lohum emphasizes its integrated battery lifecycle management system, covering battery recycling, repurposing, refining transition materials, and converting active cathode material. The company aims to play a significant role in addressing the global demand for sustainable and responsible management of lithium-ion batteries.Rajat Verma, Founder & CEO of Lohum, highlighted that the funds would expedite the company's international expansion, support hiring initiatives, and further strengthen its industry-leading R&D innovation center. Lohum sees battery recycling as a crucial component in addressing the demand for raw materials and contributing to a more sustainable energy future. ZERODHA LOOKING TO RAISE CAPITAL FOR ITS MUTUAL FUND PLATFORMZerodha's asset management company (AMC), Zerodha Fund House, is reportedly in talks with multiple investors to raise $100 million in funding.According to sources familiar with the matter, the discussions are in the early stages and may take several months to finalize. If successful, this would mark the first instance of external funding for a company within the Zerodha Group. Founded in 2010 by brothers Nithin and Nikhil Kamath, Zerodha has operated as a bootstrapped entity since its inception.The potential funding round comes as Zerodha intensifies its presence in the mutual fund sector amid increasing competition. Last year, Zerodha's AMC arm launched three mutual fund schemes following the final approval from SEBI to commence operations in August 2023.Zerodha Fund House operates as a joint venture between Zerodha and invest tech platform Smallcase. The company aims to offer transparent and affordable mutual fund offerings, focusing primarily on passive investments.Nithin Kamath, Zerodha's co-founder and CEO, highlighted the motivation behind starting a mutual fund, emphasizing the need to increase participation in Indian markets. The move to raise external capital also comes amidst competition from platforms like Groww and the entry of Reliance-backed Jio BlackRock, which has allocated a $300 million war chest to capture a significant share of the Indian asset management market.
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