Lohum has started scouting for a new location to expand capacity within the country
Lohum Cleantech is looking to increase capacity in the Indian market and also set up facilities in Europe and the US for which it is eyeing a Series B funding of $100 million.
The battery pack manufacturing and recycling startup’s founder and CEO Rajat Verma said that the funds raised will be used to increase recycling capacity to 1 million units per annum.
“We will be going out for what we will be formally calling a Series B in the next few months. Part of that funding will be to increase capacity within India, both on the battery pack manufacturing and recycling side,” said Verma. “Additionally, we will set up capacity in Europe and US, primarily on the recycling side.”
Verma expects to close the financing round in the next three-four months. Lohum has started scouting for a new location to expand capacity within the country.
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.
About 60-70 percent of the company’s revenue is generated from sale of batteries, 15-20 percent from reuse and 15% from the recycling business. Verma expects the battery recycling business to grow to account for half of the firm’s revenue in the next three years.
Lohum is also testing its batteries with several automakers for electric three-wheelers and other larger vehicles.