VC Fund Investments
Battery recycler Lohum Cleantech raises $14.5 M more led by Singularity AMC
Lohum Cleantech , a Delhi-headquartered producer of clean energy transition materials through battery recycling and repurposing, has raised INR 119 crore (about USD 14.5 million) as a part of its ongoing Series B round. Lohum will issue 844 Series B2 CCPS at an INR 14,13,632 each to raise INR 119.31 crore.Singularity Growth led the tranche with INR 55 crore while Vyoman India and Baring India invested INR 11 crore and INR 10 crore, respectively. Angel investors Mukul Mahavirparasad Agarwal and Madhuri Madhusudan invested INR 11 crore and INR 10 crore each. The company will also issue 2,501 debentures to Stride Ventures to raise INR 25 crore.Lohum will use the new funds for capital expenditures, marketing, and for general corporate purposes.Following the fresh funds, Baring India holds 5.58% while Cactus Partners and Singularity Growth Opportunities own 2.89% and 1.62% in the Lohum.Lohum is a producer of sustainable energy transition materials through integrated battery recycling & raw material refining and battery repurposing. The company had previously raised USD 7 million in January 2021. It has already raised USD 23 million as part of the Series B, which kicked off in August last year. Lohum reported revenue of INR 308 crore and a profit of INR 8.88 crore for FY23.
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