Lohum, 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.
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