Lohum Cleantech Pvt. Ltd, which operates an eponymous sustainable energy transition materials company, has raised $54 million (Rs 450 crore) in a Series B funding round.
The round saw investments from a host of firms including Singularity Growth, Baring Private Equity, Cactus Venture Partners and Venture East amongst other firms.
The startup will use these funds for market expansion, scaling up recycling operations across India and expansion into new energy transition materials markets in North America, the EU, Middle East, Africa, and Asia.
Earlier, in 2021, the Noida-based startup had raised $7 million in a funding round led by Baring Private Equity Partners.
Founded in 2017 by Rajat Verma, Lohum provides an end-to-end ecosystem of battery recycling, repurposing, transition materials refining and integrated battery lifecycle management.
"The funds will expedite our international expansion, enable us to hire professionals from talent pools in India, expand strength, and provide fresh tailwinds to our R&D innovation center," said Verma, founder and chief executive officer, Lohum.
Meanwhile, Baring PE India is one of the earliest private equity firms in India with more than two decades years of investment experience across sectors. The firm was spun out of Dutch financial services firm ING as part of a management buyout of different units globally and operates separately from Baring Private Equity Asia, which is now controlled by Swedish buyout giant EQT.
In 2023, the firm was part of the Series A rounds of Internet of Things and artificial intelligence startup Intangles Lab Pvt. Ltd, proptech startup PropertyPistol and womenswear brand Koskii.
In the battery maker space, the year saw International Battery Company (IBC), which manufactures rechargeable Lithium-ion batteries raise $35 million in its pre-Series A round. The round was led by early-stage venture capital firm RTP Global and was IBC’s first ever funding round.