Five years ago, in the industrial corridors of Greater Noida, a small team led by Rajat Verma set out with a bold vision: to transform India’s battery waste into a wellspring of sustainable opportunity. Today, LOHUM Cleantech is not just a young company with big dreams-it’s a rising force in the global clean energy ecosystem, clocking Rs 300 crore in revenue for FY2023 and partnering with giants like Glencore and Mercedes-Benz Energy.
From Startup to Industry Shaper
LOHUM’s journey reads like a modern Indian success story. Founded in 2018, the company quickly moved from break-even to profitability, reaching Rs 530 crore in revenue last year and now targeting the Rs 1,000 crore club. It has invested over Rs 200 crore in operations, built a 1 GW recycling capacity, and can repurpose 300 MW of electric vehicle batteries-no small feat in a sector where most players are still finding their footing.
But behind the numbers are stories of innovation and grit. Verma, a Harvard-educated entrepreneur, leads a 600-strong team, including 50 dedicated R&D professionals. Together, they’ve pushed battery recycling yields from 60% to 90% in just a few years, with sights set even higher.
Closing the Loop, Globally
LOHUM’s model is refreshingly circular: it recycles used EV batteries, extracts valuable materials like lithium, cobalt, and nickel, and supplies these to battery manufacturers worldwide. Its partnerships span continents-from supplying specialty chemicals to Glencore, to sourcing second-life battery modules for Mercedes-Benz Energy in Asia, to collaborating with IIT-Kanpur on sustainability research.
The company’s reach is global, with customers across the US, EU, Middle East, and East Asia. New facilities are coming up in Tamil Nadu, the UAE, the US, and Europe, designed to collect, process, and repurpose batteries closer to their source, while final processing and value addition happen in India.
Why India, Why Now?
The timing couldn’t be better. As the world seeks alternatives to China’s dominance in battery materials, India is emerging as a hub for battery recycling and manufacturing. While the country still imports most minerals for lithium-ion batteries, LOHUM and its peers are investing heavily in R&D to maximize efficiency and explore new chemistries.
Verma believes India’s unique strengths-its engineering talent, cost competitiveness, and growing domestic EV market-can make it a global leader in this niche.
“We’ve evolved from being just a second-life company to a full-scale material manufacturer, expanding into the entire battery lifecycle with India as a node,” says Yash Kela of Singularity Growth Fund, an investor in LOHUM.
The Human Side of Innovation
Beneath the impressive growth metrics is a company with a human touch. LOHUM’s 500+ employees are not just technologists-they’re problem-solvers, working to address real-world challenges like power shortages, energy theft, and renewable energy storage. Repurposed batteries from LOHUM now power homes in areas with unreliable electricity, help governments curb power theft, and store clean energy for communities across India.
The company’s culture is one of relentless experimentation-over 2,000 tweaks to the recycling process have been made to date, each one a step closer to a more sustainable future. And with 10% of revenue reinvested in R&D, LOHUM is betting big on innovation as its engine for growth.
Looking Ahead
With plans to invest $100 million more and expand capacity tenfold in the next three years, LOHUM is not slowing down. An IPO is on the horizon, and the company is eyeing a revenue run rate of Rs 4,000 crore by 2027. Its ambitions are matched by the urgency of the global energy transition-and by the passion of a team determined to put India at the center of the world’s battery revolution.
In the words of Rajat Verma, “We want to close the loop by making cells in India as well.” If LOHUM’s track record is any indication, that loop is well on its way to being closed-with India, and LOHUM, leading the charge.
ALSO READ : Rajat Gupta’s Journey: From 1.5 Cr Salary to Repill Founder
