In this funding round, Mumbai-based Singularity Growth, supported by CaratLane founder Mithun Sacheti, invested INR 55 crore. In comparison, Vyoman India added INR 11 crore, and Baring Private Equity contributed INR 10 crore, according to filings with the Registrar of Companies (ROC).
Battery manufacturing and recycling company Lohum has secured INR 119 crore (approximately USD 14 million) in a funding round spearheaded by investment firm Singularity Growth. Singularity Growth, based in Mumbai and supported by CaratLane founder Mithun Sacheti, contributed INR 55 crore to this round of funding. Additionally, Vyoman India invested INR 11 crore, and Baring Private Equity added INR 10 crore, as per the documents filed with the Registrar of Companies (ROC).
In early February, Lohum raised USD 23 million in a funding round led by Baring Private Equity Partners. This round also saw participation from Singularity Growth, Cactus Partners, Chhattisgarh Investment Limited, Ventureast Proactive Fund, and Stride Ventures. In the most recent round, the company issued 844 compulsorily convertible preference shares, each priced at approximately INR 14 lakh. As stated in the filings, the funds raised will be utilized for marketing and other capital expenditures, although further details were not provided.
The news of this funding was initially reported by the news portal Entrackr. Lohum has yet to respond to a request for comment on this latest funding.
In January 2022, under the leadership of founder and CEO Rajat Verma, the firm aimed to raise a total of USD 100 million in funding. According to Verma, the firm, which specializes in recycling lithium-ion batteries to produce battery materials, planned to use this funding to increase its recycling capacity to 1 million units per annum.
In September of the previous year, Lohum announced its expansion into Nepal, with plans to supply 25,000 metric tons of electric vehicle battery materials to various companies associated with automobile brands. The company boasts a combined capacity of 4 gigawatt-hours and employs 600 individuals, per its website.
The Indian electric vehicle (EV) sector has grown significantly, with several battery technology startups securing funding in 2023. For instance, battery tech startup Log9 raised USD 40 million in a funding round led by Amara Raja Batteries and Petronas Ventures in January 2023. Additionally, BatX Energies, another company involved in recycling lithium-ion batteries, raised USD 5 million in funding from Zephyr Peacock and Lets Venture in December 2023.
