Battery pack manufacturing and recycling startup Lohum Cleantech to raise $100 million in Series B funds
Battery pack manufacturing and recycling startup Lohum Cleantech is looking at raising $100 million in Series B funds to increase capacity in the Indian market and also set up facilities in Europe and the US, its founder said.
The funds raised will be used to increase recycling capacity to 1 million units per annum, said Rajat Verma, who is also the chief executive of the Uttar Pradesh-based company. He expects to close the financing round in the next three-four months.
Lohum has a capacity for recycling 100,000 battery packs at its manufacturing facility in Greater Noida. It also assembles 200,000 two-wheeler battery packs at the unit.
