Highlights
Lumiq Raises Rs 50 Crore in Series B Funding
Noida-based data analytics and AI platform Lumiq is preparing to secure Rs 50 crore (approximately $5.2 million) in a new Series B funding round, spearheaded by Bajaj Finserv Ventures with participation from current investor Info Edge. This marks the company’s initial funding round in almost four years, following its previous Series A funding of $5.5 million led by Info Edge in October 2022, which was exclusively reported by Startup Superb.
The board at Lumiq has approved a special resolution for the issuance of 2,511 Series B compulsorily convertible preference shares (CCPS) at a price of Rs 1,99,111.66 each, in order to raise the stated amount as per its regulatory filings from the Registrar of Companies (RoC).
Details of the Series B Funding Round
Bajaj Finserv Ventures will take the lead in this funding round with an investment of Rs 45 crore, while existing supporter Info Edge will invest Rs 5 crore. As estimated by Startup Superb, this new funding will place Lumiq’s valuation at approximately Rs 440 crore ($46.3 million), indicating nearly a 38% increase from its earlier Series A valuation of Rs 320 crore. The funds raised will be utilised to facilitate Lumiq’s expansion objectives and address its escalating business and operational requirements.
About Lumiq and Its Offerings
Founded by Shoaib Mohammad and Vaibhav Dobriyal, Lumiq operates as a data and AI platform specifically targeting the BFSI sector. The company aids banks, insurers, and various financial institutions in creating and managing data platforms with its leading product, emPower. Lumiq asserts it has successfully delivered over 40 implementations globally and boasts a team of more than 350 data and AI professionals.
After the recent funding allocation, Info Edge is set to remain the largest external shareholder in Lumiq, holding a 27.76% interest in the company. Bajaj Finserv Ventures will have a 10.23% stake, while co-founders Mohammad Shoaib and Vaibhav Dobriyal will maintain 30.05% and 9.05% stakes, respectively.
Financial Overview
The company has yet to submit its financial reports for FY26. However, during FY25, Lumiq’s operating revenue saw a slight increase to Rs 71.79 crore, up from Rs 68.78 crore in FY24, while losses expanded from Rs 8.30 crore to Rs 21.64 crore during the same timeframe.