- Name of the Company: Lohum
- Industry: Lithium-ion battery pack manufacturing and recycling
- Funding Amount: $54 million
- Funding Date: NA
- Dilution Percentage: NA
- Date of Inception: NA
- Founder: Rajat Verma
Company Overview: Lohum, formerly known as MyScoot, is a leading producer of sustainable energy transition materials, specializing in revolutionizing the battery industry with innovative solutions. Founded in 2018, Lohum has quickly established itself as a key player in the sustainable energy sector.
Funding Details: Lohum has raised an impressive $54 million in a Series B funding round. The funding was led by Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East, alongside other venture firms. This significant investment will fuel Lohum’s ambitious growth plans.
Utilization of Funds: The funds raised will be utilized for two primary purposes. Firstly, Lohum plans to scale up its recycling operations across India, contributing to a more sustainable future. Secondly, the company aims to expand its global reach by entering new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia.
Circularity and Innovation: Lohum sets itself apart by offering an end-to-end in-house ecosystem that covers the entire lifecycle of batteries. This includes battery recycling, transition materials refining, and the production of Cathode Active Material (CAM), ensuring integrated battery lifecycle management.
CEO’s Enthusiasm: Rajat Verma, Founder & CEO of Lohum, expressed his excitement about the funding, highlighting its potential to accelerate international expansion, facilitate the hiring of top professionals, and boost R&D innovation.
Investor Perspective: Yash Kela, Chief Investment Officer at Singularity Growth, praised Lohum’s evolution, particularly noting their cost optimization and yield increase strategies. He also highlighted the significance of battery scrap as a viable material source, aligning with India’s growing need for sustainable electrification.
Sustainable Electrification: Lohum’s mission is to promote sustainable electrification by ensuring that battery materials endure indefinitely, contributing to a cleaner and greener future.