The company will use these funds to fuel its market expansion, scaling up recycling operations across India, and also expanding to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia, it said.
Mumbai-based Singularity Growth, which counts CaratLane founder Mithun Sacheti among its backers, put in Rs 55 crore in this round of funding, with Vyoman India bringing in Rs 11 crore and Baring Private Equity contributing Rs 10 crore, filings with the Registrar of Companies (ROC) showed.
The country has a vision of expanding the share of electric vehicle sales to 30% in private cars, 70% in commercial vehicles, 40% in buses, and 80% in two-wheelers and three-wheelers by 2030
Lohum: Highlighting the broader implications of the shift to cleaner energy, Verma said, "We have developed a thesis early on in the energy transition, recognizing the pivotal role materials would play as the world transitions to cleaner energy sources.”