Battery Manufacturing Startup LOHUM Raises $54 million in series B Funding

Battery tech startup LOHUM, which is a known name Battery manufacturing and recycling has declared that, it has recently raised $54 million in a Series B funding round led by investment firm Singularity Growth. The funding round also saw the participation of Baring Private Equity, Cactus Venture Partners, and Venture East among other new and existing venture firms.

The company will utilize this freshly raised funding to determine their expanded position in the market. It said in a press release that from this fund they will strengthen recycling operations across India. It will also expand to new energy transitioning markets in North America, the EU and MENA region.

Mumbai-based Singularity Growth, which is backed by CaratLane founder Mithun Sacheti among other existing investors, just invested Rs.55 crore in the startup, while Vyoman India and Baring Private Equity contributed Rs. 11 crore and 10 crore respectively.

Previously, the farm has raised, more than $37 million across multiple segments and it was valued at $422 million post-allotment of the latest tranche. Lohum demands to be one of the largest producers of sustainable energy transition materials through integrated battery recycling & raw material refining and battery repurposing. The company claimed that its lithium-ion battery material recycling and extraction technology regenerates top-quality materials and produces zero waste.

The company refurbishes EV batteries to make second-life energy storage systems (ESS) for renewable energy storage and grid stabilization. In the latest round, the firm issued 844 compulsorily convertible preference shares costs about Rs. 14 lakh each. It will use the funds raised for marketing and other capital expenditure.

During last September, Lohum announced its foray into Nepal with plans to supply 25,000 MT of electric vehicle battery materials to multiple firms that work with automobile brands. It has a combined capacity of 4 gigawatt hours and employs 600 people, according to its website.

For this New Year, Lohum has planned to build an in-house ecosystem of battery recycling, battery repurposing, transition materials refining, Cathode Active Material (CAM), i.e. integrated battery lifecycle management.

In last fiscal also LOHUM has performed really well and improved its revenue nearly three-fold to Rs. 308 crore from Rs. 106 crore in FY23.