Date: March 12, 2024. — Lohum, a manufacturer of lithium-ion batteries for electric vehicles and offers a closed-loop solution through sustainable battery material recycling, has successfully raised INR 119 Crore (approximately $14 million) as part of its ongoing Series B funding round. This investment surge positions Lohum to ramp up production of lithium-ion battery packs for EVs and strengthen its battery material recycling capabilities. The round was led by Mumbai-based Singularity Growth, with significant contributions from Vyoman India and Baring Private Equity.
Singularity Growth led the funding round, contributing $7 million (INR 55 Cr). Vyoman India and Baring Private Equity also participated, investing $1.4 million (INR 11 Cr) and $1.3 million (INR 10 Cr), respectively.
The company plans to utilize the capital for marketing, capital expenditures, and general corporate purposes. This funding follows a previous round in early February, where Lohum raised $23 million, led by Baring Private Equity Partners, with participation from other investors including Singularity Growth and Ventureast Proactive Fund
Lohum stands out for its commitment to a closed-loop battery ecosystem. The company manufactures EV battery packs. It also plays a crucial role in battery material recycling, which is essential for environmental sustainability in the EV industry.
Lohum is at the forefront of the clean energy transition. They focus on battery recycling and repurposing to produce essential materials for electric vehicles. With this latest investment, Lohum aims to expand its market presence and continue its mission of sustainable energy solutions.
