[Funding alert] Noida-based EV startup Lohum raises $7M from Baring Private Equity Partners
Noida-based Lithium-ion battery pack manufacturer Lohum Cleantech Pvt Ltd raised $7 million in a round led by the investment firm, Baring Private Equity Partners India. Commenting on the capital raise, Rajat Verma, Founder and CEO of Lohum said, "The investment raised will ensure that Lohum Cleantech expands its manufacturing capabilities and its product offerings multi-fold. Lohum Cleantech is a battery pack manufacturer for two-wheelers and three-wheeler electric vehicles. By repurposing the batteries in-house, the company aims to help India become self-reliant in the manufacturing of lithium-ion batteries. Arul Mehra, Partner at Baring Private Equity Partners India, believes that Lohum has a pioneering approach to lithium-ion battery manufacturing and recycling, and is poised to benefit from the coming wave of electric vehicles and stationary storage.