Lohum, a leading lithium-ion battery pack maker and recycling firm based in New Delhi, announced a significant achievement on Wednesday with the successful closure of a funding round amounting to USD 54 million (Rs 450 crore). This influx of capital comes from a diverse group of investors, including Singularity Ventures, Baring Private Equity, Cactus Venture Partners, Venture East, and other prominent venture firms, both new and existing partners.
Funding Purpose and Market Expansion
The funds raised in this series B funding round will be strategically utilized by Lohum to drive its market expansion initiatives. The company aims to scale up its battery recycling operations significantly across India while also venturing into new markets for energy transition materials. These markets include North America, the EU, the Middle East, Africa, and Asia, reflecting Lohum’s ambitious global growth strategy.
Impact on Industry Leadership and Innovation
Rajat Verma, the Founder & CEO of Lohum, expressed enthusiasm about the funding’s potential to accelerate international expansion efforts. He highlighted the importance of attracting top talent from India’s rich talent pools to strengthen the company’s workforce. Additionally, the funding will provide crucial support to Lohum’s renowned R&D innovation center, fostering continuous advancements in battery technology and sustainability practices.
Integrated Battery Lifecycle Management
Lohum prides itself on its integrated battery lifecycle management system, encompassing a comprehensive in-house ecosystem. This ecosystem covers various aspects such as battery recycling, repurposing, transition materials refining, and Cathode active material production. The company’s holistic approach ensures efficient and sustainable management of lithium-ion batteries throughout their lifecycle, contributing to environmental preservation and resource conservation.
Sustainable Solutions and Strategic Partnerships
Yash Kela, Founder and Chief Investment Officer of Singularity Ventures, emphasized the significance of battery scrap utilization as a viable resource for India’s material sourcing needs. He commended Lohum’s strategic positioning within the battery lifecycle management domain, with India serving as a pivotal node for sustainable solutions and resource optimization.
In conclusion, Lohum’s successful funding round underscores its position as a frontrunner in battery innovation and recycling. The investment will not only drive market expansion but also strengthen the company’s commitment to sustainability, technological advancement, and global impact within the energy transition sector.
