Lithium-ion battery pack manufacturer and recycling firm Lohum has secured USD 54 million (Rs 450 crore) in a investors-led funding round.
The capital infusion will help fuel the company's market expansion, scale up recycling operations across India, and also diversify to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia. Investors who participated in the series-B funding round include Singularity Ventures, Baring Private Equity, Cactus Venture Partners, Venture East among other new and existing venture firms.
Furthermore, the funds will enable hiring of top professionals from talent pools in India, and provide fresh tailwinds to R&D innovation centre, even as the company looks to expedite its international expansion.