[Update] EV Battery Startup Lohum Nets $54 Mn From Singularity Growth, Others

Update | March 13, 16:00 PM

A day after Inc42 reported about Lohum kickstarting its Series B funding round, the startup officially announced raising $54 Mn in the funding round. The startup’s latest funding round saw participation from Singularity Growth, Baring Private Equity, Cactus Venture Partners & Venture East amongst other new and existing venture firms.

The startup intends to utilise the fresh capital to fuel its market expansion, scaling up recycling operations across India, and also foray into new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia.

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Orginal Story | March 12, 10:00 AM

New Delhi-based electric vehicle battery manufacturing and recycling startup Lohum has raised INR 119 Cr ($14 Mn) as a part of its ongoing Series B round led by Singularity Growth.

The board at Lohum has passed a special resolution to issue 844 Series B2 CCPS at an issue price of INR 14,13,632 each to raise INR 119.31 Cr.

According to filings with the Registrar of Companies (ROC), Mumbai-based Singularity Growth invested INR 55 Cr in this funding round. Vyoman India contributed INR 11 Cr, while Baring Private Equity provided INR 10 Cr.

The company has approved a distinct board resolution to issue 2,501 debentures to the Stride Ventures debt fund, aiming to raise INR 25 Cr.

Lohum will use the capital for the capital expenditures, marketing, and general corporate purposes of the company, as per the ROC filing.

Post this funding, Baring Private Equity holds 5.58% while Cactus Partners and Singularity Growth Opportunities hold 2.89% and 1.62%, respectively, in the startup.

Founded by Rajat Verma, Justin Lemmon and Gazanfar Safvi in 2017, Lohum Cleantech is a lithium-ion (Li-ion) battery pack manufacturer and battery materials (cobalt, lithium, nickel, etc) recycler.

Lohum powers next-gen li-ion battery mobility and energy solutions, gives batteries multiple lives through reuse technology, and makes battery materials last forever through recycling

Back in 2021, Lohum raised $7 Mn in a fresh round of funding from institutional investors led by Baring Private Equity Partners (BPEP).

The development comes at a time when EV adoption in the country is on the rise due to rising awareness about tackling climate change and the government’s efforts to promote EVs to reduce reliance on fuel imports.

As per Vahan data, the total number of two-wheeler EVs registered in February stood at 81,963 units as against 81,928 units in January. This number stood at 66,094 units in February 2023.