LOHUM powers next-gen li-ion battery mobility & energy solutions. In the course of its current Series B round, which is being managed by Singularity Growth, New Delhi-based startup Lohum, which manufactures and recycles batteries for electric vehicles, has raised INR 119 Cr ($14 Mn).
In order to raise INR 119.31 Cr, the board of directors made a special resolution to issue 844 Series B2 CCPS at an issue price of INR 14,13,632 apiece.
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In this fundraising round, Mumbai-based Singularity Growth contributed INR 55 Cr, as per documents filed with the Registrar of Companies (ROC). INR 10 Cr was provided by Baring Private Equity, and INR 11 Cr by Vyoman India.
According to the ROC filing, Lohum will use the funds for marketing, general corporate purposes, and capital expenditures. Following this fundraising round, Cactus Partners and Singularity Growth Opportunities own 2.89% and 1.62% of the startup, respectively, while Baring Private Equity holds 5.58%.
Lohum Cleantech, a manufacturer of lithium-ion (Li-ion) battery packs and recycler of battery materials (cobalt, lithium, nickel, etc.), was founded in 2017 by Rajat Verma, Justin Lemmon, and Gazanfar Safvi.
Battery materials are made to endure forever through recycling, and Lohum fuels next-generation li-ion battery mobility and energy solutions. Batteries are given multiple life through reuse technology.
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The development occurs at a time when the nation’s EV adoption rate is growing as a result of increased awareness of combating climate change and government initiatives to encourage EVs in order to lessen dependency on fuel imports.
About Lohum
LOHUM powers next-gen li-ion battery mobility & energy solutions, gives batteries multiple lives through reuse technology, and makes battery materials last forever through recycling.
