LOHUM Secures Rs 131.4 Crore in Pre-Series C Funding
LOHUM, a prominent battery technology startup, is poised to secure Rs 131.4 crore (approximately $15 million) in a pre-Series C funding round. This round is being spearheaded by Growth I9 Opportunity LLP, alongside participation from previous investors such as Baring Private Equity, Singularity Growth, Asiana Fund, and others.
This new funding follows LOHUM’s Series B round, where the company raised $54 million in March 2024. The board of directors at LOHUM has approved the issuance of 748 pre-Series C compulsory convertible preference shares (CCPS) at an issue price of Rs 17,56,714 each to facilitate the aforementioned fundraising, as per the company’s filing with the Registrar of Companies.
Funding Breakdown
In this funding round, Growth I9 Opportunity LLP will lead with an investment of Rs 31.8 crore ($3.6 million). Baring Private Equity is set to contribute Rs 25.12 crore. Additionally, Samriddhi Sehgal will invest Rs 13.35 crore, while Asiana Fund and Rainbow Investments will contribute Rs 12.12 crore and Rs 9.83 crore, respectively. The remaining sum will be sourced from Singularity Growth along with 18 other investors, which include a variety of angel investors.
Utilisation of Funds
The newly raised funds will primarily be allocated towards capital expenditures, marketing initiatives, and general corporate activities. Based on estimates by Startup Superb, LOHUM is expected to attain a valuation of approximately Rs 4,265 crore or around $485 million after this funding round.
Company Overview
Since its inception in 2018, LOHUM has spearheaded the development of next-generation lithium-ion mobility and energy solutions by extending the lifespan of batteries through reuse and ensuring the indefinite longevity of battery materials via recycling. The company asserts it is among the leading producers of sustainable energy-transition materials, supported by its integrated operations in battery recycling, raw material refining, and repurposing.
Through various credible sources, it has been reported that LOHUM has amassed over $120 million in total funding to date, featuring firms such as Baring Private Equity, Singularity Growth, and Cactus Partners among its investors. The company, based in Delhi, reported a significant 72% increase in operating revenue, reaching Rs 529 crore in FY24, while its profits more than tripled to Rs 28 crore. However, LOHUM has yet to release its financial figures for FY25.