Lohum (Lohum Cleantech Private Limited) is an Indian battery recycling, second-life storage and battery-materials company based in the Delhi NCR area (Noida).

This Startup Deep Dive explains what Lohum does, how it makes money, who backs it, how it compares with rivals and what could go wrong, using publicly available information. It is educational and not investment advice. Last updated: October 2026.

Lohum in Brief

• What it is: Lohum is an Indian Battery recycling and materials company based in Noida.
• Who it serves: businesses, institutions, consumers, learners and public-sector buyers.
• Recycles and repurposes lithium-ion batteries using material recycling and extraction technology.
• Repurposes EV batteries into second-life energy storage systems.
• Plans to supply EV battery materials to other firms.
• Funding: Reports differ: about USD 44 million (Inc42, CB Insights) to over USD 120 million (other aggregators).

Lohum Quick Facts

Figures marked “reported” come from published reports and may differ between sources; “Not disclosed” means no reliable public figure was found.

What Is Lohum?

Lohum operates in the Battery recycling and materials space in India. Understanding a company like this starts with three questions: who is the customer, what painful problem is being solved, and why the solution is better than the alternatives. The sections below apply that lens to Lohum.

• Recycles and repurposes lithium-ion batteries using material recycling and extraction technology.
• Repurposes EV batteries into second-life energy storage systems.
• Plans to supply EV battery materials to other firms.
• Has a goal of 1 million units of recycling capacity per annum and has expanded into Nepal.

The Origin Story of Lohum

Every company starts from a noticed gap and a team willing to commit to closing it. Strong origin stories are specific: a clear problem, a founding team with relevant skills, and an early product that real customers could test. Founder-market fit, meaning the team’s lived experience or technical depth in the domain, tends to predict how fast a young company learns.

• Founders: Rajat Verma, Justin Lemmon, Gazanfar Safvi.
• Founded in 2017 (one source says 2018); founders reported as Rajat Verma, Justin Lemmon and Gazanfar Safvi (Inc42 lists only Lemmon and Verma).
• Based in the Noida / Delhi NCR region; headquarters listings differ.

Key Milestones and Challenges

No startup grows in a straight line. Early years usually involve slow adoption, product rewrites, hiring mistakes and funding gaps. In the Battery recycling and materials sector the common turning points are a first paying customer, a regulatory approval, a successful product demonstration or a funding round that lets the team invest ahead of demand. How a team responds to setbacks says more about resilience than any single headline.

• 2017-2018: Founded.
• 2021: About USD 7 million round led by Baring Private Equity Partners India.
• FY23: Revenue rose 2.9x to Rs 308 crore with a profit of Rs 8.88 crore.
• March 2024: Rs 119 crore round led by Singularity Growth with Vyoman India and Baring; Series B reports of about USD 54 million also appear.
• 2025: Pre-Series C of about Rs 131 crore reported, led by Growth I9 Opportunity LLP.

Lohum Funding and Investors

Funding history shows how much outside confidence a company has attracted and how long it can operate before needing more capital. Figures below are reported and may differ between sources; valuation figures are estimates unless the company has confirmed them.

• 2021: about USD 7 million, led by Baring Private Equity Partners India.
• Series B, March 2024: Rs 119 crore (about USD 14 million), led by Singularity Growth, with Vyoman India, Baring Private Equity and individual investors.
• Pre-Series C, 2025: about Rs 131 crore (USD 15 million) led by Growth I9 Opportunity LLP (reported).

How Does Lohum Make Money? (Business Model)

A business model describes who pays, how often and how much it costs to serve them. Strong models show repeat usage, improving margins with scale and acquisition channels that do not depend only on paid spend. Weak models show one-off sales, rising costs and growth that stops when spending stops. For companies selling to businesses, institutions, consumers, learners and public-sector buyers, sales cycles and contract size matter as much as headline growth.

• Revenue from selling recycled battery materials and second-life storage systems.
• Zero-waste recycling positioning.

The Numbers: Lohum Financials

Financial figures show whether growth is turning into a self-sustaining business. Small and private companies often disclose little, so any number below is included only if it was found in public reporting.

• FY23: revenue Rs 308 crore, profit Rs 8.88 crore.
• FY24: revenue reports differ widely (Rs 529 crore standalone per one source; other aggregators show Rs 85 crore or Rs 4,369 crore).

Market Opportunity for Lohum

Market size is easy to exaggerate, so a useful approach separates the total market from the portion a company can realistically reach with its current product and distribution. The main forces behind demand in this sector are rising digital adoption, cloud and mobile penetration, growing enterprise technology spending, government digitisation programmes and a deep pool of engineering talent. Each of these widens the opportunity, but capital efficiency and execution decide who captures it.

• Indian and global EV battery recycling and materials market.

Technology and Product at Lohum

Technology is rarely the whole moat, but it drives speed, cost and customer experience. A practical way to assess it is to separate the capability the company controls from the commodity infrastructure it rents. In this sector the important factors are product quality, data and integration depth, security, scalability and the speed of shipping improvements.

• Lithium-ion material recycling and extraction technology.
• Second-life energy storage systems from used EV batteries.

Team and Culture at Lohum

Teams are the most important and least measurable asset of a young company. Look at how complementary the founders’ skills are, how deep the second layer of leadership is, and how the company hires and retains specialists. Culture shows up in small repeated behaviours: how quickly bad news travels upward and whether commitments to customers are kept.

• Rajat Verma is described as founder and CEO.

Lohum Competitors: Competitive Landscape

A fair competitive analysis names direct rivals, adjacent players who could move into the space, and the customer’s default alternative. Durable advantages include proprietary data or technology, licences and approvals, brand trust, switching costs and cost leadership.

Risks and Challenges for Lohum

• Financial figures conflict heavily across sources.
• Founder and funding totals are inconsistent.
• Capital needs for scaling recycling capacity.
• Competition: low barriers to entry and well-funded rivals can compress pricing and slow growth.
• Funding risk: technology businesses often burn cash before reaching profit and depend on investor appetite.

Risk is not a reason to avoid a company; it is a reason to price it correctly and to monitor the right indicators over time. Regulation in this sector is shaped by data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules.

Lohum Growth Outlook: What to Watch

• Plans to raise recycling capacity to 1 million units per annum.
• Pre-Series C funding planned to expand battery recycling and EV materials.
• Key indicators: recurring revenue, customer retention, gross margin, customer acquisition cost and runway.
• Funding position: Whether Lohum can reach its next milestone before needing new capital.
• Regulation: Changes from data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules.

Industry Context: Where Lohum Fits

India's technology startup ecosystem is one of the largest in the world, supported by cheap data, a large base of smartphone users, digital public infrastructure and a deep engineering talent pool. Companies now build for education, software, mobility, logistics, agriculture, defence, media and more, selling both to Indian customers and abroad.

Durable technology companies usually combine a clear customer problem with repeatable distribution and disciplined unit economics. Growth funded only by spending tends to fade, while products that customers keep using and paying for build compounding advantages.

For readers new to this field, a useful habit is to separate announcements from evidence. A plan, a partnership or a funding headline describes intent, while a delivered product, a paying customer or an audited financial statement describes results. Comparing the two over time shows how reliably a company turns promises into outcomes.

Bull Case and Bear Case for Lohum

An investment thesis is a short, testable statement of why a company could become far more valuable, together with what evidence would prove it wrong. The points below are general to this sector and are not forecasts for Lohum.

Bull case

• A large and growing base of digital users and businesses expands the addressable market.
• Recurring revenue and strong retention can compound growth.
• Selling into global markets widens the opportunity beyond India.

Bear case

• Heavy competition can compress pricing and margins.
• Dependence on external funding can force painful cost cuts.
• Regulation or platform changes can disrupt a product quickly.

Lessons Founders and Investors Can Take from Lohum

Studying a company in the Battery recycling and materials space offers lessons that go beyond any single firm. The points below are general lessons for the sector and are not claims about Lohum.

• Solving a clear, frequent customer problem matters more than adding features.
• Retention and repeat usage are better health signals than sign-ups.
• Disciplined spending extends runway and keeps options open when funding tightens.
• Distribution, not just product quality, decides who wins in crowded markets.
• Building trust through data protection and reliability is part of the product.

How to Evaluate Lohum as a Startup

• Customer clarity: Can Lohum name its customer and the problem it solves in one sentence?
• Evidence of demand: Look for repeat customers, signed contracts or measurable usage rather than announcements alone.
• Economics: Check whether margins improve as volume grows.
• Execution: Compare announced timelines with what has actually been delivered.
• Funding runway: Estimate how long current capital lasts at the present spending rate.
• Regulatory standing: Confirm required approvals are in place.
• Customer concentration: Check whether a few customers account for most of the revenue.
• Management depth: Look for experienced leaders beyond the founders and a stable core team.

The Takeaway

Lohum is part of India’s growing Battery recycling and materials ecosystem. The useful lesson from studying it is the discipline of asking structured questions about customers, economics, advantage and resilience. Companies that answer them well, repeatedly and under pressure are the ones that endure. Readers should treat any single report, ranking or funding headline as one input among many, and should re-check key facts against recent company announcements. Because public information on young companies is often limited, patience in verifying claims is part of good analysis. Public sources can also describe the same company in different ways, so it is worth checking dates, definitions and whether a figure refers to revenue, total income or transaction value, and whether it covers one entity or a wider group, before drawing conclusions. Small differences in rounding, currency conversion or reporting periods can also change how a figure reads. Comparing the same figure across several recent reports helps show whether it is stable or has changed over time. This article is educational and is not investment advice.

• Clear customers and repeat demand matter more than announcements.
• Regulation and capital needs shape how fast a startup in this sector can grow.
• Track a few leading indicators over time rather than one headline metric.

Lohum FAQs: Frequently Asked Questions

What is Lohum?

Lohum (Lohum Cleantech Private Limited) is an Indian battery recycling, second-life storage and battery-materials company based in the Delhi NCR area (Noida). It is profiled in the Startup Deep Dive series, which explains business model, funding, competitors and risks.

Who founded Lohum?

Lohum was founded by Rajat Verma, Justin Lemmon, Gazanfar Safvi, and the company reports a founding year of 2017.

How much funding has Lohum raised?

Reports differ: about USD 44 million (Inc42, CB Insights) to over USD 120 million (other aggregators). Funding figures are reported and may differ between sources, so readers should check the latest company announcements.

How does Lohum make money?

Lohum earns revenue from its Battery recycling and materials products and services sold to businesses, institutions, consumers, learners and public-sector buyers. The exact revenue mix is described in the business model section and is not fully disclosed publicly.

Who are the competitors of Lohum?

Reported rivals include Altilium, Universe Energy, NOWOS. See the competitor comparison above for how they differ.

What are the main risks for Lohum?

Main risks include competition: low barriers to entry and well-funded rivals can compress pricing and slow growth, funding and capital needs, competition and regulation by data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules. This is educational content, not investment advice.

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Source

Source: Publicly available data, published reports, industry research, and other credible sources.