Battery-Tech Startup Lohum Secures ‘USD 54 Million’ To Expand Footprint
The company said it will use fresh funds to fuel market expansion, scaling up recycling operations, and expanding to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia.
New Delhi, March 13: Lithium-ion battery pack maker Lohum on Wednesday said it has raised $54 million (Rs 450 crore) in series B funding from Singularity Growth, Baring Private Equity, Cactus Venture Partners and Venture East, among others.
The company said it will use fresh funds to fuel market expansion, scaling up recycling operations, and expanding to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia. "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 and CEO. Zepto Becomes First Quick-Commerce Company To Introduce Platform Fee of Rs 2 per Order, Will Apply To Select Users.
"We at LOHUM are thrilled to be equipped with the necessary resources for the next stage of our development. 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," expressed Rajat Verma, Founder & CEO of LOHUM.
Lohum offers an end-to-end, in-house ecosystem of battery recycling, battery repurposing, transition materials refining and Cathode Active Material (CAM) which is an integrated battery lifecycle management. "We have seen the company evolve from just being a second-life company to a full-scale material manufacturer, around materials like nickel, cobalt and Pre-CAM materials," said Yash Kela, Chief Investment Officer, Singularity Growth. Tata Group To Start Manufacturing Semiconductor Chips in Gujarat and Assam Plants in 2026.
The company is India's largest producer of sustainable energy transition materials through integrated battery recycling & raw material refining and battery repurposing.
(The above story first appeared on LatestLY on Mar 13, 2024 03:03 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).