Start-ups secure funding to drive lithium-ion battery market in India bestmag.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bestmag.co.uk Daily Mail and Mail on Sunday newspapers.
[Funding alert] Noida-based EV startup Lohum raises $7M from Baring Private Equity Partners
The funds raised by the Noida-based EV company will be utilised in expanding its manufacturing capabilities and overseas operations.
0 claps
LohumCleantech Pvt Ltd raised $7 million in a round led by the investment firm,
Baring Private Equity Partners India. Other investors who participated in the round include
Talbros Automotive Components Ltd and a few others.
According to a statement released by the company, the funds will be utilised for accelerating the growth plans of the company to achieve an integrated domestic capacity of 700MWh within a year. The company, which already has a manufacturing facility in Greater Noida, announced the launch of a second facility with this fundraise which will further expand the company s manufacturing capabilities. The company also plans to open a recycling plant in the US in the coming times.