Lohum, a Pioneer in EV Battery Manufacturing and Recycling, Fuels Its Growth with Fresh Capital
In a significant boost to its innovative electric vehicle (EV) battery technology development, New Delhi-based Lohum has successfully secured INR 119 Crore ($14 million) in its latest Series B funding round. Leading the investment charge was Singularity Growth, alongside notable contributions from Vyoman India, Baring Private Equity, and others. This financial infusion marks a pivotal moment for the company, aimed at accelerating its mission to redefine the EV battery landscape.
A Strategic Leap Forward with New Funding
The funding round witnessed the issuance of 844 Series B2 Compulsorily Convertible Preference Shares (CCPS), each priced at INR 14,13,632, accumulating a total of INR 119.31 Crore. The Mumbai-based Singularity Growth emerged as the major investor, contributing INR 55 Crore. This strategic investment round is not just a testament to Lohum’s innovative approach but also strengthens its financial foundation for future endeavors, including capital expenditures, marketing initiatives, and other corporate objectives.
Stakeholder Confidence and Future Roadmap
The completion of this Series B round significantly alters the stakeholder landscape, with Baring Private Equity now holding a 5.58% stake, followed by Cactus Partners and Singularity Growth Opportunities at 2.89% and 1.62% respectively. Since its inception in 2017 by visionaries Rajat Verma, Justin Lemmon, and Gazanfar Safvi, Lohum has been at the forefront of the lithium-ion battery revolution, focusing on manufacturing, recycling, and ensuring sustainability in the EV battery domain.
Empowering the EV Revolution
Lohum’s commitment to propelling the next generation of lithium-ion battery technology underscores its pivotal role in the burgeoning EV market. By employing state-of-the-art reuse and recycling technologies, Lohum not only extends the lifecycle of batteries but also champions the cause of sustainable material usage, a critical factor as the world shifts towards greener transportation alternatives.
The timing of Lohum’s capital raise coincides with a surge in EV adoption in India, driven by increased environmental consciousness and governmental incentives aimed at curbing fuel imports. Data from Vahan highlights the growing acceptance of EVs, with a notable increase in two-wheeler EV registrations, reflecting the country’s readiness to embrace cleaner, more sustainable modes of transport.
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- Source: https://timesnext.com/lohum-secures-14-million-series-b-funding-revolutionize-ev-battery-technology/
