Lohum secures $54 mn to expand footprint

New Delhi: Lithium-ion battery pack maker Lohum on Wednesday said it has raised $54 million (Rs 450 crore) in series B funding from Singularity Growth, Baring Private Equity, Cactus Venture Partners and Venture East, among others.

The company said it will use fresh funds to fuel market expansion, scaling up recycling operations, and expanding to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia.

"The funds will expedite our international expansion, enable us to hire top professionals from talent pools in India, expand our strength, and provide fresh tailwinds to our industry-leading R&D innovation centre," said Rajat Verma, Founder and CEO.