Lohum, a battery recycling, raw material refining, and battery repurposing firm, has raised USD 54 Million (Rs 450 crore) in series B funding from Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East, amongst other new and existing venture firms.
The firm will use the funds for market operations, besides expanding the scope of operations in North America, the EU, the Middle East, Africa, and Asia.
"The funds will expedite our international expansion, enable us to hire top professionals from talent pools in India, expand our strength, and provide fresh tailwinds to our industry-leading R&D innovation centre," said Rajat Verma, Founder and CEO of LOHUM.
"We have seen the company evolve from just being a second-life company to a full-scale material manufacturer, around materials like Nickel, Cobalt, and Pre-CAM materials," said Yash Kela, Chief Investment Officer, Singularity Growth.
He further added that Lohum's ability to expand into the entire battery lifecycle management with India as a node is 'impressive'.