Lohum Cleantech, a pioneering force in sustainable energy transition materials, has secured a significant investment of Rs 119 crore (approximately $14.5 million) in its ongoing Series B funding round. This round, led by Singularity Growth, signifies a pivotal moment for the company as it accelerates its mission to reshape the battery industry through recycling and repurposing technologies.
The recent capital infusion comes as Lohum redefines the landscape of clean energy solutions. Through innovative approaches to battery recycling and raw material refinement, the company aims to mitigate environmental impact while driving the adoption of renewable energy sources.
Singularity Growth spearheaded the investment tranche with Rs 55 crore, joined by Vyoman India and Baring Private Equity, contributing Rs 11 crore each. Angel investors Mukul Mahavirparasad Agarwal and Madhuri Madhusudan also made significant contributions, highlighting the widespread confidence in Lohum’s vision and capabilities.
Lohum’s commitment to sustainability extends beyond its core operations, as evidenced by its strategic partnerships and capital allocation. A separate board resolution authorizes the issuance of debentures to Stride Ventures debt fund, further bolstering the company’s financial position for future growth initiatives.
The infusion of funds will fuel Lohum’s expansion efforts, including capital expenditures, marketing endeavours, and overall corporate development. With a clear roadmap approved by the board, Lohum is poised to capitalize on emerging opportunities in the rapidly evolving clean energy sector.
Baring Private Equity, Cactus Partners, and Singularity Growth Opportunities have emerged as notable stakeholders in Lohum, reflecting their enduring confidence in the company’s trajectory and potential for long-term success.
This latest financing round builds upon Lohum’s previous successes, including a $7 million raise in January 2021. With a cumulative Series B funding of $23 million, Lohum remains steadfast in its pursuit of excellence and innovation.
Lohum’s innovative approach to battery recycling and repurposing has garnered widespread acclaim, positioning the company as a leader in sustainable energy transition materials. By harnessing advanced lithium-ion battery technologies, Lohum generates top-quality materials while minimizing waste and environmental footprint.
The company’s financial performance underscores its remarkable growth trajectory, with revenue soaring to Rs 308 crore in FY23 from Rs 106 crore in FY22. Moreover, Lohum achieved a commendable profit of Rs 8.88 crore during the same period, signalling its resilience and adaptability in a competitive market landscape.
As Lohum continues to chart new frontiers in sustainable energy solutions, the latest funding infusion reaffirms its position as a trailblazer in the clean energy revolution. With a steadfast commitment to innovation and sustainability, Lohum is poised to shape the future of energy transition on a global scale.
