Baring Private Equity Partners has led a funding round in lithium-ion battery pack manufacturer Lohum Cleantech Pvt Ltd.
Lohum, which also recycles batteries, said in a statement that it has raised $7 million (Rs 51 crore) in total in this round.
Rajat Verma, founder and CEO, Lohum, said that the capital will help the company to expand its manufacturing capabilities and range of product offerings.
The company's primary focus this year is to expand its dealer network in India and ramp up overseas operations, he added.
The Noida-based company, which was founded in 2017, says it has built advanced technology to manufacture first and second-life lithium-ion battery packs for low-power mobility applications.
Its technology also helps recover critical battery materials through extraction at the end of life.
The company has also launched its second manufacturing unit in Greater Noida with a production capacity of 300 megawatt hour (MWh) divided evenly between pack production and recycling.
The capacity is expected to increase to 700 MWh within a year. The company added it is achieving an annualised run rate of more than $8 million and aims to cross $90 million within three years.
Arul Mehra, partner, Baring Private Equity Partners, said that Lohum has a pioneering approach to lithium-ion battery manufacturing and recycling and is poised to benefit from the coming wave of electric vehicles and stationary storage.
Last week, battery startup Gegadyne Energy Labs Pvt. Ltd received a strategic investment of $5 million (Rs 36.5 crore) from electrical appliances maker V-Guard Industries Ltd.
Gegadyne claims it has energy-efficient and eco-friendly alternatives to conventional lithium-ion batteries.