India's Lohum Secures INR 230 Crore Funding to Advance Battery Materials Business

en.Wedoany.com Reported - Lohum Cleantech, a battery recycling company headquartered in Noida, India, has secured INR 230 crore in funding from a consortium led by Ambit Global Private Client (Ambit GPC), comprising Poonawalla Vision Fund-1 (PVF1) and multiple family offices. The funds will be used to accelerate the company's expansion into advanced battery materials and critical mineral processing, with nickel-manganese-cobalt (NMC) cathode active materials, platinum group metals, and rare earth magnet recycling identified as high-value target areas.

Lohum's current operations are primarily focused on battery recycling, and the company plans to diversify its portfolio by entering these high-value segments. This expansion comes as India seeks to strengthen its domestic critical mineral capabilities and reduce import dependence.

Founded in 2018, Lohum has raised approximately $111 million to date across 15 funding rounds, with investors including Baring Private Equity Partners, Cactus Venture Partners, and Singularity AMC. This funding round reflects growing market confidence in battery material recycling and the energy transition supply chain. Market participants believe that the entry of family offices and alternative investment funds signals the industry's shift from a venture capital-driven opportunistic sector to a scalable, infrastructure-backed business.

Previous reports indicate that Lohum plans to establish a rare earth refining hub and intends to launch an initial public offering by 2027, with its expansion strategy aligning with these plans. However, scaling up cathode material production, securing long-term raw material supply, and offtake agreements remain key execution challenges the company must address.