Battery recycling firm Lohum raises $54 million in funding
Lohum has raised Rs 450 crore ($54 million) in a primary funding round.
Mumbai-based Singularity Growth Fund, which counts CaratLane founder Mithun Sacheti among its backers, led the round in which investors like Baring Private Equity, Cactus Venture Partners and Venture East also participated.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitMITMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisit <div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-108468771»>Also read | Battery tech startup Lohum raises $14 million in funding
Besides the primary funding, the firm also saw a secondary funding of Rs 100 crore, founder and chief executive Rajat Verma told ET in an interaction. The funds will be used for market expansion in North America, Europe, the Middle East, Africa, and Asia, besides scaling up recycling operations in India.
“We have seen the company (Lohum) evolve from just being a second-life company to a full-scale material manufacturer, around materials like nickel, cobalt, and pre-CAM materials. What impressed us was not just their ability to think globally from day one, but the fact that they have been able to expand into the entire battery lifecycle management with India as a node," said Yash Kela, chief investment officer at Singularity Growth Fund.
The firm recycles batteries from electric vehicles (EVs) and other sources and produces battery-grade materials such as salts of lithium, cobalt and nickel,
