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. JP MORGAN EXTENDS RS.200 CRORE IN CREDIT TO OYO'S ACCELERATOR PROGRAMJP Morgan has reportedly provided Oyo with a credit facility worth Rs 200 crore, according to sources familiar with the matter. The main purpose behind this credit line is to support the expansion of Oyo's Accelerator Program. However, both Oyo and JP Morgan declined to comment on the development.Oyo launched its Accelerator Program in March last year with the goal of assisting 50 first-generation hoteliers. This initiative aims to empower hotel owners to expand their portfolios, especially as travel demand increases in business and leisure cities.Currently, Oyo's Accelerator Program supports over 700 hotels and more than 85 small and first-generation hoteliers nationwide. Eligible participants must own more than five operational hotels.Under this programme, Oyo provides mentorship, technology access, relationship managers, financial assistance, and access to its extensive network of corporate accounts and travel agents to enhance business opportunities for hotel owners.Ritesh Agarwal, founder of Oyo, recently informed employees that the company's profit after tax (PAT) doubled sequentially in the third quarter of the fiscal year 2024, reaching Rs 30 crore. This follows the company's achievement of its first profitable quarter with a PAT exceeding Rs 16 crore in the second quarter of the fiscal year.
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